The 18-year-old frontman featured in the Magpies' 2-0 win over Saints in Paisley on Tuesday night and could follow the lead of Paul Dummett and Conor Newton, who helped the Buddies lift the Scottish Communities League Cup during their own loan stints last season.
Left-back Dummett has returned to St James' Park and staked a strong case for a first-team slot while Magpies boss Alan Pardew is considering sending midfielder Newton to the SkyBet Championship for the next stage of his development.
Meanwhile, Saints have now stepped up their bid for Campbell, with Lennon hopeful despite competition from Brighton.
He said: "There has been a conversation with Newcastle about Adam. He is a player that is well thought of down at Newcastle and he is on the lips of many St Mirren fans right now.
"He is a player that, from what I've seen of him on DVD and the 20 minutes I saw of him on Tuesday night, is dynamic, quick and who handles the ball well.
"You don't go to a big club like Newcastle if you don't have quality and ability. It doesn't surprise me that others are looking to get him.
"But if you look at the development of Conor Newton and fantastic development of Paul Dummett, Newcastle know that their players are well looked after here. Alan Pardew said to me the other night that in Paul, he sent us a boy and we sent him back a man.
"We have cemented a good relationship with Newcastle in terms of taking loan players for them. It's beneficial for all three parties."
- Sports & Recreation
- Paul Dummett
- Conor Newton
- Alan Pardew