Sky Sports claim that the Blues have reached out to discuss the terms of the deal, but that the Magpies want to keep him 'ahead of a busy Premier League and Champions League season', where manager Eddie Howe sees him playing a key role.
Reporter Keith Downie adds that, while there has been further interest in the 19-year-old, Town are the only club to make an enquiry.
This comes after the Daily Mail reported that Kieran McKenna has a three-man midfield shortlist for the final days of the summer, consisting of Bournemouth duo Lewis Cook and Philip Billing, as well as Miley.
Since then, they have also revealed that Ipswich enquired about a loan move for 18-year-old left-back Harry Amass earlier in the summer, but that Manchester United want him to play regular football, which is unlikely to happen with Leif Davis expected to remain at Portman Road.
Verdict
When looking at a potential deal for Miley, it makes total sense. It's been reported by multiple publications now, and his profile fits both the Championship and what McKenna would want.
Truthfully, when looking at a season competing at the top of the Premier League and deep into the Champions League, I'm not convinced that he's ready to play regularly.
At the moment, I can see why Newcastle want to keep him. However, if they can get a signing or two through the door, maybe some movement will be possible at the very end of the transfer window.
This clearly wouldn't be an easy deal to do.