Newcastle have become one of the richest clubs in the world overnight after Saudi Arabia’s Public Investment Fund (PIF) shelled out £305m for its purchase back in October.
After a difficult start to the 2021/2022 campaign, Newcastle made some shrewd signings in the January transfer window and finished comfortably in mid-table at the end of the season.
The club are expected to spend big in this summer's transfer window and have been linked some of the game's biggest stars including Eden Hazard and Ousmane Dembele.
However former Trinidad and Tobago goalkeeper Hislop has urged the Magpies to be modest in the transfer market as they aim to kick on under Eddie Howe.
"If big stars become available at the right price and the right fit for Newcastle, I don't see why not," he told Stats Perform.
"But at the same time, while I think there's this temptation, if not an expectation to go for those big stars, one of those January signings was Bruno Guimaraes, who was not a big star, but goodness me, what a player he's turned out to be.
"And I think that's in keeping with what the transfer policy will be.
"At the same time, while I mention Bruno Guimaraes, I've got to mention Joelinton, whom many had dismissed and thought was on his way out.
"And Eddie Howe found his position for him as a defensive midfielder, and he ended up winning [Newcastle's] player of the season – and justifiably so.
"Those are the kind of players, because when you see them, and you see their performances, that's exactly what you want from Newcastle players.
"So while the temptation will be to go for the big names, I don't think that is how they'll do their business – that's not going to be their M.O. so to speak.
"It will be finding those gems and those gems that fit with what Newcastle United stands for."
