However, the Shakers' financial plight means the former Liverpool striker is likely to remain in limbo at Huddersfield Town.
Newby would have to take a drop in wages to re-join Bury with 12 months left on his contract at the McAlpine Stadium.
Darlington and York City have already expressed an interest in signing the frontman.
"I'd jump at the chance to go back to Bury," said Newby. "I know the players and the manager and I was very happy there.
"But I'm under contract at Huddersfield and, as things stand, I won't be going anywhere in a hurry."
The chances of bringing Dave Challinor back after last season's successful loan spell look bleak.
There is a big discrepancy in what Challinor wants to leave Stockport and what Bury can offer. However, Colin Woodthorpe and Matt Barras are both expected to re-sign at the end of the month.
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