Edouard Mendy's arrival at Chelsea pushed the £72million man down the pecking order at Stamford Bridge.
According to the Daily Star, the Blues will entertain offers around £50m for Kepa in the upcoming transfer window.
Mega-rich Newcastle are said to be keen to bring Kepa to Tyneside, with a number of clubs in LaLiga including Atletico Madrid snubbing it.
Toon is set to continue using his newly acquired assets after splintering close to £100m on five new contracts in January.
It is claimed boss Eddie Howe is happy with current No. 1 Martin Dubrawka, but his Saudi boss is targeting upgrades across the park in an effort to turn Newcastle into title contenders.
Spaniard Kepa made a fine deputation for Mendy when the Senegalese International Africa Cup of Nations was on duty.
He helped Chelsea defeat Tottenham in the Carabao Cup semi-final, and also made several good defenses in the Club World Cup semi-final.
However Mendy was immediately reinstated in the starting squad for the final against Palmeiras.
There is nothing wrong with Kepa's performance though.
His good form means Chelsea are keen to recover more than the £72m spent on him.
An initial loan deal with an obligation to buy clause has been mooted as a possible alternative to a direct £50m fee.
Kepa himself is buoyed by his recent outing, with SunSport exclusively revealing earlier in the week that the Spaniard believed he should start Sunday's Carabao Cup final clash against Liverpool.
The keeper played for Wembley every round of the route to Chelsea and feels boss Thomas Tuchel made him an appearance in the final.