Newcastle have no plans to let him leave easily, and current information continues to suggest they could even price him out of a transfer altogether.
Juventus have set him as a dream target, while Manchester United and Arsenal have also been linked. Sources are now also indicating that Manchester City hold a genuine interest in the player.
Figures within the game believe Newcastle would look to push Tonali towards the €100 million mark if firm approaches arrive.
Such a fee would prove beyond Juventus, which is notable given there has been a feeling that he would be open to a return to Italy.
If a move does develop, a switch within the Premier League is currently viewed as the more realistic outcome - and that would only strengthen Newcastle’s financial stance in negotiations.
Tonali joined Newcastle for around €70million in 2023 and the club ideally would not want him joining a rival club within England, but there is already an understanding of the interest that exists.
For now, it remains unclear whether Arsenal will actively enter the race.
But Manchester United are certainly interested - and information from Man City insiders suggests their interest is concrete.
Both clubs have begun initial explorations into Tonali - looking to position themselves early to shape potential offers and begin laying the groundwork with the player and his camp.
But the situation is further complicated by the fact that both United and City are also keen on Elliot Anderson.
Briefings from the Etihad suggest City are growing increasingly confident on that front but it is feasible that City would attempt to sign both Anderson and Tonali.
There is also a belief that City could hold an advantage in any negotiations with Newcastle.
The Magpies are interested in making signings themselves - and could look to take Man City fringe players.
Following a Champions League exit after a heavy defeat to Barcelona on Wednesday - and with qualification for next season out of reach - Newcastle may have to remain open-minded about how they approach the summer window.
