Newcastle have been scouring the market for new additions this summer and, despite adding five players to his squad, manager Rafael Benitez said he was frustrated with the lack of movement on Wednesday.
The Magpies have acquired the services of Jacob Murphy, Florian Lejeune, Christian Atsu, Javier Manquillo and Mikel Merino, who has joined on loan from Borussia Dortmund, but further reinforcements are still wanted by the Spanish tactician.
Reports are now suggesting a deal to take Kenedy on loan for this campaign is close to being completed and a deal could be confirmed before Sunday's Premier League opener at home to Tottenham.
The Brazil Under-20 international, who has been at Stamford Bridge since 2015, has failed to nail down a regular first-team position, making just 15 league appearances for the Blues.
Kenedy is expected to get more opportunities at Newcastle and could challenge Paul Dummett for the left-back spot if he completes a move.