The 25-year-old has played back-up to United's first-choice keeper David De Gea this season and has found game time hard to come by.
With the 2022 World Cup on the horizon, Henderson would want to play more regularly to enhance his chances of becoming England manager Gareth Southgate's number one at the Qatar showpiece.
According to Mirror, Newcastle are getting serious about bringing the Englishman to St James' Park. The fee being touted is £20 million, with the Magpies looking to have the 25-year-old challenge Martin Dubravka.
Dubravka, 33, is coming into the latter stages of his career, while current understudy Karl Darlow is 31.
Henderson excelled whilst out on-loan at Sheffield United during the 2019-2020 season. His performances in goal were instrumental in the Blades' impressive campaign.
But since returning to Manchester United, he has failed to usurp De Gea for the no.1 jersey.
But he remained at the club as De Gea's understudy but could finally seal a move this summer.
Dean Henderson's future at Manchester United is in Erik ten Hag's hands
Erik ten Hag will take over from interim manager Ralf Rangnick at the end of the season and is set to oversee a huge transformation of the Manchester United side.
The future of a number of players is up in the air and that includes Dean Henderson.
There have been some debates over whether David de Gea would be the right profile of goalkeeper for Ten Hag.
The Dutch coach likes sweeper keepers who are good with their feet and De Gea - for all his brilliant shot-stopping abilities - is somewhat limited in this regard.
As such, Ten Hag may see Dean Henderson as someone who he can use in case De Gea doesn't fit his estimations.
Henderson did spend the latter part of the 2020-2021 season filling in for De Gea and kept his place with some fantastic performances.
But De Gea would soon gain his spot back, much to Henderson's disappointment, who may seemingly feel he had done nothing wrong whilst used.
Henderson has made just five appearances for the Red Devils this season.