The Magpies have made four bids for the Crystal Palace defender, but none have met the £70m valuation the Eagles have placed on the centre-back.
Howe feels in great need of signing a central defender, with Sven Botman and Jamaal Lascelles still on the long-term injured list.
His selection headaches were not eased on Friday when Fabian Schar was shown a straight red card and will be suspended for three matches as a result.
The Newcastle boss would love to bring Guehi in, but says the club will not be taking any risks that they feel are too dangerous for their long-term future.
‘Of course, we’re looking in the transfer market. We’ve got a period of time left, and we’ll see what we can do,’ said the Newcastle manager.
‘Could we do something in the market? Possibly, but conditions have to be right for us. As I’ve said all along, we can’t do something that goes against the long-term good of the football club, so we’ll try to make the right decision.’
On the fitness status of both Botman and Lascelles, Howe said: ‘I wouldn’t expect either player back for months.
‘I don’t want to be too specific, but I think they’re both about halfway through their timetable to return. There’s still a long way ahead for both players. They’re looking good at the moment, but there’s a lot of work ahead for them.’
Palace boss Oliver Glasner says he has spoken to Guehi and the defender will be playing when the Eagles face Brentford on Sunday.
‘Well, yes, Marc trained today with us, we talked together,’ Glasner told a press conference on Friday.
‘I have no other information, I have to look at my bank account to see if something has come in but it doesn’t look like (it) so we plan (for the game) with Marc.
‘He’s our player, he’s our captain and I can’t tell you anything else.’
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