According to espnfc.co.uk, Ameobi's current deal expires at the end of this month and he would be free to join another club, but the 23-year-old is expected to sign a new deal and then be sent out on loan.
A host of clubs, including Real Sociedad, Crystal Palace and West Brom have reportedly expressed an interest in Ameobi, but he has opted to stay at St James' Park.
Newcastle are thought to be willing to send Ameobi out on loan next season so that he can play regular first-team football, and Cardiff City have joined Wolves in showing an interest.