The 25-year-old, who was sent out on loan to Bournemouth during the second half of last season, featured just once for the Cherries, an FA Cup defeat to National League club Boreham Wood.
Woodman started the first four Premier League games for the Magpies last season, filling in with the club seeing their two more senior options out injured.
The report suggests that the Lilywhites are considering a loan move for the young shot-stopper, with it remaining to be seen whether they are able to lure Daniel Iversen back to Deepdale.
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The Championship outfit are also considering a move for Dundee United goalkeeper Benji Siegrist, with the 30-year-old keeping eight clean sheets in 29 league appearances.
Woodman has proven to be a top goalkeeping option in the Championship before with Swansea City, with his lack of game time at Bournemouth more of a reflection of the continued excellence displayed by Mark Travers.
Possessing excellent reflexes, good levels of composure and a strong range of passing, Woodman is certainly an excellent consideration when assessing who will be able to fill the void that Iversen will leave if they are unable to get him back.
It would be no surprise if many second tie outfits are considering Woodman as a possible target this summer, with the 25-year-old still an exciting prospect.
Given his lack of minutes at The Vitality Stadium, Newcastle will likely be a little cautious as to where they send him out on loan next, if that is what they are thinking of doing.