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Since the initial ESPNFC report, several more media outlets have also reported the story, and suggested that McClaren has been handed a £25,000,000 war chest by owner Mike Ashley in a bid to revive the club's fortunes.
The former England Head Coach is known to be a big admirer of Watford striker Deeney, who has scored more than 20 goals for three consecutive seasons.
It has been reported McClaren had a £9,000,000 bid turned down for the striker while he was in charge of Derby County.
ELTON JOHN - "THANKS FOR TROY DEENEY"
The Magpies have struggled for goals and narrowly avoided relegation from the Premier League last season, with new manager Steve McClaren making the purchase of a striker his priority this summer.
A number of forwards have been linked with a move to St James' Park -- including Queens Park Rangers' Charlie Austin and former star Andy Carroll from West Ham United -- but Deeney figures highly on the club's wanted.
Deeney joined Watford from Walsall for £500,000 in 2010 and could now command a fee in excess of £10,000,000.
The Saddlers have a sell-on clause which is believed to be for as much as 20% of a future sale.