Former Arsenal boss Unai Emery is the leading candidate to take over as manager of Newcastle.
Emery had managed Arsenal for 18 months before he was sacked in November 2019.
Reports say the new owners hope they can appoint the 49-year-old before Saturday’s game against Brighton.
Emery is currently in charge of Spanish side Villarreal – who won the Europa League last season after beating Manchester United on penalties in the final.
Emery, whose contract with the club runs until 2023, will be in charge of Villarreal’s Champions League game against Young Boys on Tuesday.
Newcastle are without a win in the Premier League this season and are 19th on the table with four points from 10 rounds of matches.
Former manager Steve Bruce left the club by mutual consent on 20 October, with Graeme Jones serving as interim manager since then.