McGree, 19, signed a four-year contract with Brugge in July but has not yet made an appearance for the Belgian side and is reportedly keen on a return to Australia.
His former club Adelaide United and fellow Aussie Tom Rogic's Celtic have also shown interest but The Herald in Newcastle reports that a deal with the Jets is almost done.
McGree would replace Jake Adelson, who tore his anterior cruciate ligament, in the Jets squad - which is also suffering injuries to marquee midfielder Ronny Vargas and star striker Roy O’Donovan.
The transfer window opens on 3 January 2018, but McGree would not arrive in Newcastle until the end of Australia’s campaign at the under-23 Asian Championships in China, which is being on from January 7-23.
McGree shot to prominence with Adelaide last season in the A-League - his all-action midfield performances even catching the eye of former Australia coach Ange Postecoglou, who included the teenager in the Socceroos squad for 2018 FIFA World Cup qualifiers against Iraq and the UAE in March.
He also started for Adelaide in five AFC Champions League matches, scoring a goal against South Korean side Jeju United.