The Uruguayan forward is heavily linked with Real Madrid, whilst Chelsea and Manchester City are also keen on him.
Cavani is set to make a decision on his future now that he has returned from the Confederations Cup.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.