The former Sunderland and Blackburn Rovers forward, 33, was the Magpies' top scorer with 14 goals last season.
As Stead is under contract for another year at Meadow Lane, the club would be able to command a fee for the player they signed from Bradford City on a free last summer.
It remains to be seen whether the reports are true and, if so, what new manager John Sheridan has in store for the club's latest Player of the Season.
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