Newcastle have seen their bid for Fulham’s Luis Boa Morte turned down but are still waiting to hear back from Fenerbahce following an offer for Nicolas Anelka.
The Magpies must now consider whether to submit a new offer for the Portugal international.
Boa Morte, 26, has already indicated he is eager to move to St James’ Park.
Frenchman Anelka, 27, is thought to be available for £10m, although Newcastle are reported to have submitted an initial bid for £6m.
Newcastle chairman Freddy Shepherd told the club’s website: “We have made an offer to Fulham for Boa Morte, and also to Fenerbahce for Anelka.
And Souness added: “I understand we have been in contact with the clubs so we’ve got to see what reaction we get.”
Newcastle are keen to bolster their attacking options, with only Alan Shearer, Michael Chopra and the injured Shola Ameobi available to Souness.
Anelka joined the Turkish outfit in January, following a move from Manchester City, while Newcastle have been long-term suitors for Boa Morte.