Freddy Shepherd is reportedly prepared to offer in the region of £4million, although the Portuguese club values the player at nearer £10million.
Simao is reported to have said: "I know that there are negotiations, but the offer has not come through to me.
"Newcastle are a good team and have always attracted me but I have to set down certain conditions.
"Benfica have to think about what is right for me, I will not leave at any price."
Benfica are apparently keen to sell the 23-year-old to ease their chronic financial problems.
Meanwhile The Sun claims that Sir Bobby is keen to hijack Birmingham City’s bid to make Christophe Dugarry’s loan move to St Andrew’s permanent.
The phrase ‘luxury player’ springs to mind, and you can’t see Dugarry being too happy warming the bench.
A couple of players who will apparently be for sale in the summer and may provide some short-term stability in defence are Chelsea's Marcel Desailly, who claims to have been given a free transfer, and Spurs full back Stephen Carr.