Newcastle manager Chris Hughton has already enquired about Campbell's availability and there was interest before he headed to Notts County for an ill-fated spell but the only way he will join the Tyneside club's payroll is if he reduces his wage demands.
Related ArticlesNewcastle move 'appeals' to CampbellAshley's gamble looks like a lotteryMike Ashley under attackRenaming St James' Park 'would cause uproar'Newcastle taken off marketSport on televisionCampbell, 35, made public Newcastle's interest in his services as he tried to sort out a wrangle over his registration with Notts County.
"I have been approached by several clubs and, yes, it is correct to say that Newcastle United are one of them," Campbell said.
"People might be surprised to hear me say that I would be very interested in a move there, but I have my reasons.
"Newcastle are a big club and could be heading back to the Premier League. It appeals. If we can sort it all out at the tribunal I would hope to be playing within weeks from now.
"I'm training every day with Arsenal, feel fit, as fit as ever, and now I really need some matches. But to sort out the mess at Notts County, a Football League tribunal seems to be the only way out."
Newcastle owner Mike Ashley has promised to pour £20 million into the club's coffers next week but Hughton has acknowledged that does not mean he is about to splash out on new players.
"To clarify things, the money that has been put into the club is money that had to be put into it anyway," Hughton said.
"I have not been told any figures but what I have been told is that I will be supported in their endeavours to get things right on the pitch.
"Of course around that will be the January window and outside that will of course be loan signings that every club in this division will endeavour to bring in.
"What you have is a club that wants to get back in to the Premier League and the best opportunity to get back into Premier League is the first opportunity and the club is aware of that.
"The problems that club has had are common knowledge that re the sale and of the club. We are still a club with a very high wage bill and certainly for this division. The most important thing for me is that I have been given assurances that I will be backed in the windows.
Regarding the figures I am very conscious of what this club has gone through in the last year or so and I am quite sure there will be difficulties ahead for us as well."