The Magpies are currently in China on a pre-season tour however it appears any deal would be done on English shores.
Genesio only has one previous role on his managerial CV having been in charge of Lyon for three-and-a-half years.
He led Lyon to two third-placed finishes in Ligue 1 while also guiding the club to the Europa League semi-finals in 2017.
The 52-year-old left Lyon in the summer with a win record of 54.95 per cent.
Newcastle on the verge of shock appointment of former Lyon boss Bruno Genesio (Image: GETTY)
Newcastle on the verge of shock appointment of former Lyon boss Bruno Genesio (Image: GETTY)
It had appeared that Bruce was on the verge of making the switch to Newcastle.
However Le Progres add that Newcastle are soon to be sold to a billionaire.
That would open up the options for the Geordies with Bruce considered a cheap option for Mike Ashley.
Bruce had reportedly agreed terms with the Magpies which would see him pocket £20,000 a week.
Newcastle fans are desperate for Ashley to sell the club after a number of disappointing campaigns.
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Newcastle on the verge of shock appointment of former Lyon boss Bruno Genesio (Image: GETTY)
The club had looked like rebuilding under Benitez with supporters keen for the former Liverpool boss to stay.
He left and joined Chinese club Dalian Yifang though, and soon made a dig at Ashley.
After making the switch to China, Benitez said: "I must say that I have had more meetings with the chairman, the president and the general manager this week than I had in three years at Newcastle.
"They haven't just been work meetings, rather signs of respect in which we have been able to appreciate the differences and similarities in our cultures."