Steve McClaren is now in charge of the Magpies and as part of a drive to bring in young talent is thought to be keen on Town's exciting striker.
Toney was linked strongly with a move to Wolverhampton Wanderers last season.
We speculated recently here on Cobblers Mad as to whether the 19-year-old would become a regular in the team this coming season and these rumours need not prevent that if the deal included an option for Toney to be loaned back to Northampton.
Meanwhile, a quartet of trialists have been included in the Town squad to face Sileby Rangers on Sunday in the first pre-season friendly of the summer.
Sam Hoskins, Gozie Ugwu, Rod McDonald and Joel Purkiss were the men looking to impress Chris Wilder.