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Newcastle United's £340million takeover could be completed within months, according to reports.

The Premier League has long been the subject of speculation since controversial Mike Ashley announced he was willing to sell.

And according to the Daily Telegraph, a bid from a Saudi Arabian consortium could be pushed through before the summer.

The report claims the Public Investment Fund would own 80 per cent of the club with a further 10 per cent belonging to Amanda Staveley's PCP Capital and the final shares acquired by Reuben Brothers which owns Newcastle racecourse.

The Premier League are understood to have been contacted about the bid and will now make the necessary checks to ensure funding is in place.

That procedure could be held up by the ongoing coronavirus which has ground sport to a halt across the world.

But should the takeover eventually be ratified, it would bring an end to Ashley's ownership of the fallen giants.

He bought the club for £134m and has loaned it £110m since his original purchase in 2007.

But Newcastle have been relegated twice from the Premier League under the Sports Direct chief and currently lie 13th in the Premier League under manager Steve Bruce.

(Image: EMPICS Sport)

Ashley is believed to have been in talks with the Saudi Arabia group since early this year as the country bids to expand its sports portfolio as part of its bid to improve its standing in the world.

A Saudi buy-out would be controversial, however, as the Gulf state stands accused of "sportswashing" in recent months by hosting high-profile sporting events.

Perhaps its biggest saw Anthony Joshua win back his heavyweight world titles from Andy Ruiz Jr in their rematch last December.