The Magpies are likely to face competition for the 19-year-old’s signature if they follow through on their interest, with Dutch giants Ajax and Belgian club Anderlecht also tracking him.
This season, Milenkovic has scored one goal in nine appearances for Partizan, who are in third place in the league table – six points off the top.
The 6ft 4in tall defender is under contract with Partizan through to 2020 and is rated in the £2-3million bracket.
Jurgen Klopp feels Liverpool are ready to make the final step of their 'very exciting journey' by beating Real Madrid on Saturday.
Alphonse Areola has emerged as a possible transfer target for Napoli amid claims he wants out of PSG with Gianluigi Buffon set to join.