The 52-year-old has already seen Loic Remy join the club on loan this summer but insists the side still need to focus their efforts on signing another forwardNewcastle manager Alan Pardew has urged the Magpies to buy another striker but admits the club cannot compete financially with some of the top Premier League clubs.
The club have brought in Loic Remy, on a season-long loan from QPR, this summer but the France international could miss the first month of the new campaign through injury.
Remy's injury means Newcastle have just two fit strikers for their opening fixture against Manchester City on Monday and Pardew says signing a new forward is vital for the club.
"It's important we get another striker in," he told reporters. "Last year we were shy of strikers especially after Demba Ba left, and we need to make sure we have a sound back-room in terms of strikers.
"It's always frustrating in the transfer market but we've got a strong squad and we did some business last January which put us in good fettle because the six months of experience they got will stand them in good stead."
Newcastle have been strongly linked with a move for Lyon striker Bafetimbi Gomis, however the French club’s president has since claimed any potential move may now be in doubt.
But whilst Pardew remains keen to strengthen his forward line before the window shuts, he is fully aware the club cannot compete at the highest financial level.
"I think the figures the top clubs are paying out is ridiculous," he added. "We can't compete with them on a financial level so we have to be as clever and shrewd as we can, and get players in of the same quality but for a lot less money."