After weeks of transfer rumours, we are now just days away from the opening of the 2012 transfer window.
On July 1, English teams will officially be able to sign new players for a two-month period, in an effort to bolster their squads.
Just over a week ago, the Magpies had their initial £4 million bid for the French right-back rejected, but with Lille reportedly looking for only £6 million, they are still very much in the running to sign him.
Debuchy himself is said to be interested in a move to the North East of England, especially since Newcastle are reportedly going to double his wages.
And despite interest from other European clubs, it appears that his close friendship with fellow French international and former Lille teammate Yohan Cabaye is enough to put Newcastle at the top of his wish list.
Even Newcastle legend Bobby Moncur agrees that signing Debuchy should be amongst Newcastle's top priorities, and now that the Frenchman has been knocked out of the European Championships, Newcastle can continue their pursuit of the defender.
And if they manage to get a deal done, his arrival could well make the Magpies a title contender.
The Newcastle team that finished fifth last season will be hard to improve upon, but Debuchy is a player who could come in and act as an upgrade over his predecessor.
With an attacking core of Demba Ba, Hatem Ben Arfa and Papiss Cisse, Newcastle are a team with next to no flaws offensively, but even with Fabricio Coloccini in the middle, the back four could still use some tweaking.
If signed, Debuchy would replace the likely outgoing Danny Simpson at right-back, allowing impressive Italian starlet Davide Santon to continue playing in the left-back role he earned towards the end of last season.
With Tim Krul in goal and Steven Taylor also returning to join Coloccini at centre-back, Newcastle's back four will suddenly start to look a lot better, and the days of conceding five goals against Fulham and Spurs will be long gone.
Before Taylor's injury last season, Newcastle had the best defence in the Premier League for a few months, and once you add Debuchy to that it'd be hard to see them ranking outside the top five for the entirety of next season.
When added to Newcastle's goal-scoring machines up front and a great holding midfielder in Cheik Tiote, this team has the makings of a title contender.
With their seemingly infinite funding, Chelsea and the two Manchester clubs will continue to make themselves better, but beyond those three, Newcastle could still remain as one of the best teams in the country.
Having finished only four points behind Spurs and five behind Arsenal last season, Debuchy could end up as the difference between fifth and third for Newcastle.
We'll just have to wait and see.