The 18-year-old Bournemouth striker was for a £250,000 move to St James' Park, and United would lend him back to Kevin Bond's club until the end of the season.
But Bournemouth have put the deal has gone on ice for the moment.
Vokes: "I have been told by Kevin Bond that clubs are interested in me, and with the administration it seems that I will be sold eventually.
"It has been a difficult season for us at Bournemouth, going into administration and ending up in the relegation zone with 10 points deducted has been tough.
"I know Newcastle have shown interest - the gaffer called me in and told me that.
"But I do not expect anything now until the summer, so my aim is to do my very best for Bournemouth and hope that we can get out of trouble."