Newcastle United will tell Rafa Benitez he can break the club's transfer record again this summer and want his future sorted imminently after rejecting the advances of other managers.

The club's accounts have revealed the stable financial situation they are in after last season's 10th-placed finish following promotion back to the Premier League.

Turnover is up to £178.5million — an increase of £92.8m — and the Magpies returned a profit of £18.6m for the year ending June 2018. Wages are also down by nearly £9m to £103.4m, meaning there is scope to invest in the coming months.

Newcastle United will tell Rafa Benitez he can break the club's transfer record this summer

A transfer budget of around £50m - plus player sales - is likely, and owner Mike Ashley is happy for that to be spent on two players in the region of £25m, meaning January's £21m record signing of Miguel Almiron will be smashed, perhaps even twice.

Such expensive outlays, however, would almost certainly have to be on players such as Almiron - under 26 and with sell-on value.

Club sources insist there is an ambition to compete in the top 10 of the Premier League, rather than simply survive, and that two such quality additions each season is their preferred model going forward.

Managing director Lee Charnley said: 'There is much more work to be done but these positive financial results give the club a strong platform on which to build. We all want to see the club improve and be competitive at every level, and in every competition.

Mike Ashley (R) and Lee Charnley (C) want Benitez to be the manager who takes them forward

'We are convinced that the best route to achieving this is to do so sustainably, spending on young development players and adding high quality to the first team squad each season – players that can really make a difference and improve the team - without risking the financial health and stability of the club.

'We strongly believe that consistently doing the above, and robustly following this policy, will give us the best possible chance of achieving our shared ambitions.'

Ashley and Charnley want Benitez to be the manager who takes them forward and they have refused to speak to agents and other bosses who have been circling in anticipation of a vacancy. All efforts, it is said, are focused on keeping the Spaniard.

Benitez, though, wants more than a guarantee of funds from the club's hierarchy before he commits to signing a new contract. His current deal expires on June 30 and the club have been trying to negotiate new terms since last January.

However, Benitez wants to know that he can spend money as he sees fit - such as the permanent signing of West Brom loanee Salomon Rondon - and this remains a sticking point.

Wages are also down by nearly £9m to £103.4m, meaning there is scope to invest for Benitez

We have been told the club will do a deal for Rondon, who turns 30 in September, but only if it is right for them. It is said there are a lot of variables attached to any potential transfer, not least the demands of West Brom and the player himself.

Benitez has also requested improvements to the club's training ground and academy. But we understand plans to improve the training facilities to the tune of around £15m have been shelved - at least for now - as Ashley and Charnley would prefer to use that money on strengthening the first team.

There will, though, be funds set aside for recruitment at Under-23 level and an overhaul of the academy set-up is already underway.

But the message, much like 12 months ago, is that they can only spend what they have.

A transfer budget of £70m over two seasons was agreed with Benitez following promotion in 2016. Since then they have spent £111m on new players and recouped £52m, leaving an excess of £11m to carry forward to next season.

Meanwhile, Sportsmail can reveal that Ashley remains 'open' to the sale of the club, but that would require an interested party to 'put their money on the table', unlike previous suitors such as Amanda Staveley and Peter Kenyon.

The accounts also state that Ashley's interest-free loan to the club now stands at £111m, with £33m having been paid back to him.