Baptista signed for Madrid two seasons ago but after a disappointing initial campaign, was loaned to Arsenal last year as former Sevilla team-mate Jose Antonio Reyes moved in the opposite direction.
"I want the chance in pre-season to show our new coach Bernd Schuster I should be a part of his plans," he said. "If things do not work out here I will have to look at other options in Spain and England.
"Newcastle is a big club but before I consider a move I need to know about my future with Real.
Drenthe keen to make Madrid move
"I believe I showed at Arsenal last season that I can play in England, score goals and make goals.
"I'm sure my future will be sorted out in the next few weeks."
Speculation in the media has suggested that should former Getafe coach Schuster - who took over from Fabio Capello in the last few weeks - decide to let the Brazil international go, the fee could be in the region of £6 million.
Arsenal played some outstanding football at times last season, but were inconsistent and ultimately frustrated into fourth position.
They also lost in the League Cup final to Chelsea, while Newcastle's injury problems saw them end the campaign in 13th.