Alan Pardew wants to bring Andy Carroll back to Newcastle when his West Ham loan expires.
Carroll, 23, is on loan with the Hammers - who visit St James' Park on Sunday - until the end of the season.
But Magpies manager Pardew is keen to re-sign him having sold the striker to Liverpool for £35m in January 2011.
"He's a Liverpool player and not wanted so at some point he's going to move permanently," said Pardew. "I'd like to think we'll be in the mix for that."
England striker Carroll scored 31 goals in 80 league appearances for Newcastle before moving to Anfield.
He returns to St James' Park along with former Magpies team-mate Kevin Nolan.
And Pardew told BBC Sport he would also re-sign midfielder Nolan, who joined West Ham from Newcastle in June 2011, if he could afford to.
Former West Ham boss Pardew said: "Big Andy hopefully one day will want to come back and certainly I'd like to have them both in my squad now because we would be stronger for it.
"But obviously finances restrict me from doing that."
Pardew believes Newcastle owe Carroll a "great debt" for generating £35m for the club when he joined Liverpool.
The Newcastle manager says the cash enabled the Magpies to finish fifth last season and qualify for the Europa League.
"The fee was astronomical, we have used it well," he added.
Newcastle have signed Papiss Cisse from Freiburg for £9m, Yohan Cabaye from Lille for £4.8m and Demba Ba from West Ham on a free since Carroll left the north east almost two years ago.
"The position we are in, if I'm honest, is because we used the money from Andy's sale well," said Pardew.
"He was a brilliant player for us and we owe a great debt to him."
Meanwhile, West Ham manager Sam Allardyce says he has moved on from his turbulent time as Newcastle boss as he prepares to return with the Hammers on Sunday.
Allardyce was sacked by Newcastle almost five years ago.
"There has been a lot of water under the bridge since then," said Allardyce.
"Life moves on, I don't live in the past. I can only look to the future as best I can."