The Danish international’s only Premier League start came against Fulham in August.
Løvenkrands has not even made the bench for the Magpies’ last two league games.
At Stoke City on Monday, Shola Ameobi’s younger brother Sammy and Hatem Ben Arfa were preferred as attacking options.
Peter Løvenkrands: “I’ve talked to the coach (Alan Pardew), and he would like to extend my contract, but I cannot wait for that.
“In January, I can talk to whomever I want, so my agent is working to find me another club.
“There are lots of things I’d like, but I’m keeping my cards close to my chest.
“There have been talks with the club about an extension, but it’s not something that happens before January or next summer, so right now we’re looking for other options.”