British media reports suggested Newcastle have made at least four bids for England centre-back Guehi, rated at £65 million, ahead of the new Premier League season.
But even though Newcastle now have the backing of wealthy Saudi owners, Howe was adamant they could walk away from the Guehi deal if the price became over-inflated in their view.
"We have done many times in my time here, especially early on where there was very much a 'Newcastle tax' on any deal where when we would ring up, the price would double," Howe said on Friday.
"So many times we were, 'No, that's not for us, we're not going to go down that road where we feel we're over-paying for players'.
"That's changed slightly because people have seen the dynamic, that we're not going to pay silly fees for players, so I think now it's returned more to normality."
Howe refused to comment on Guehi specifically, but when asked if any deals regarding new recruits to his squad at St James' Park were close, he replied: "Not that I know of."
But Howe, whose side finished seventh last season, added: "We're hopeful. We're working hard. There's no lack of effort from outside but, as I said earlier, there's nothing close."
Newcastle kick off their campaign at home to promoted Southampton on Saturday.