Elliot, 25, is in the last year of his contract at The Valley and could almost triple his wages to ?12,000 a week on Tyneside.
The Magpies are going back in for Elliot after allowing back-up keeper Fraser Forster to return to Celtic for a second loan spell.
Big time: Charlton's Rob Elliot could be set for a move to Newcastle
Elliot would have the opportunity of working again with Newcastle goalkeeping coach Andy Woodman, who made the move from the Addicks last season.
Charlton are set to do a deal now rather than wait until January, when his transfer value will have diminished, or the end of the season, by which time he will be available on a free transfer.
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