The Ivory Coast international was released on a free transfer by Chelsea after the Bayern Munich final last month.
While the Magpies were among a list of clubs Kalou has been offered to since his departure from Stamford Bridge, a move north does not seem on the cards.
Kalou was signed by José Mourinho and netted 36 goals in 156 matches.
At 26, he still has some of his best years in front of him, but the free agent’s wage demands of more than £70,000 per week do not fit into the Magpies’ wage structure.