Likely, but they're in an odd position where a lot of elite talent won't be keen to move to Newcastle or to move to a club that's doing so poorly. They probably need to overpay for some compromise candidates for a while until they qualify for Europe again. Dunne and Given were beneficiaries of that kind of situation at Man City, for example. (Perhaps a little unfairly to them, them being more unfashionable than below the required standard, but that's old news.)