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I don think this is likely. However it's not beyond the realms of possibility if his contract is up at the end if the season. No-one will pay him 40k a week now - and we don't even know if that's what his wage is - so taking a pay cut may be preferable if he wants to continue playing for 2-3...

It'll be a 100% pay cut if/when his contract ends in 5 months.

Depends when his contract is up at Newcastle I suppose. If it's at the end of this year he may take a pay cut to carry on playing for another 2-3 years.