Newcastle are offering Dwight Gayle to Championship clubs on a “free” loan, but will demand a huge £20 million fee on promotion.

Gayle is a target for a number of promotion chasers including West Brom, Fulham and Nottingham Forest, and Newcastle are prepared to sanction a loan deal for the striker.

Newcastle will allow Gayle to go out without a loan fee but will insist that any club pays his £60,000 wages in full and agrees to the £20 million price if they reach the Premier League.

It is understood Newcastle want the fee of £20 million paying in two instalments of £10 million.

West Brom, meanwhile, remain in talks with young defender Nathan Ferguson over a new contract.

Ferguson could quit Albion and move abroad this month for a minimal compensation fee but the club are still hopeful of persuading him to sign.

Martin Olsson, the former Swansea and Norwich defender, is joining West Brom this week on trial in a bid to earn a short-term deal.

Leicester off Demiral chase

Brendan Rodgers is targeting the signing of a centre-half on loan this month, after abandoning his pursuit of Juventus defender Merih Demiral.

Turkey international Demiral will miss the rest of the season with a serious knee injury sustained in the game against Roma on Sunday, but it is understood Leicester had already moved onto other targets weeks ago.