Apparently Newcastle hope to announce the deal at the start of the January window.
The move will also involve Rémy’s current club, Marseille, signing a Newcastle player, expected to be Sylvain Marveaux, although some reports suggest Gabriel Obertan.
Marseille president Vincent Labrune is due in London to meet intermediaries today (Tuesday).
The talks will include discussing which Newcastle player is including in the deal on top of the £10 million fee which is already believed to have been agreed in principle.
Signing Remy will increase the speculation that Demba Ba will leave when the window opens on Jan 1.
Ba is available for £7million, the value of the release clause in his contract, and already he has been touting his availability to Arsenal and clubs across Europe.
Newcastle insist that they want Ba to stay and have offered the Senegalese striker a deal, that they regard as the "final offer"..
Demba Ba: “People know that Arsenal need strikers, they know that a release clause is inserted in my contract, so they make speculation. It’s true that Arsenal is a very attractive club.”
Harry Redknapp, when he was in charge of Tottenham Hotspur, was also interested in Remy this time last year, and scouted the 25 year-old several times.
Indeed Remy has long been linked a move to England and there was also some tentative interest in him from Chelsea and from West Ham United.
Remy has fallen out of favour this season and has often been on the substitutes’ bench.
Remy, who has 17 caps for France, joined Marseille from Nice two years ago, since when he has scored 27 times in 68 appearances. He is also adaptable and can play out wide as well as through the middle as a main striker or behind a central attacker such as Newcastle’s Papiss Demba Cissé.