The 24-year-old Iceland international scored 24 goals in the Dutch top flight last season.
The Journal reports that Finnbogason was offered to the Magpies during the summer window for a fee of around £5million.
Newcastle decided to look at other targets during the summer.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.