Instead, they would prefer to hold onto Nunez until the end of the season, when more lucrative offers may be available.
It is stated that Benfica are expecting Atletico Madrid to make a move for Nunez, potentially after selling flop Joao Felix.
Such a sale will not take place until the summer, with Benfica happy to wait for the reigning La Liga champions to raise funds.
As a result, Newcastle may need to substantially increase their already high offer for Nunez if they are to sign him this month.
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