It is believed that the deal could involve making the move permanent at the end of the season.
Liverpool's £35m signing has struggled to prove his worth at Anfield, but came good in the second half of the season and played well in the Euros.
With Fabio Borini now a Liverpool player and new manager Brendan Rodgers keen to adopt a new style of play, Carroll's future has been left in doubt.
A move back to Newcastle would certainly be appealing.
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