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Mike Ashley has agreed to sell Newcastle for £350million, according to reports.

The buyer it is claimed is the cousin of Manchester City owner Sheikh Mansour, Sheikh Khaled bin Zayed Al Nehayan.

According to The Sun, contracts have already been signed and submitted to the Premier League between the two parties with Ashley ready to stand down after 12 years in charge on Tyneside.

Sheikh Khaled is a member of the Abu Dhabi royal family and one of the most successful entrepreneurs in the Gulf states.

He is also the man who attempted a £2billion takeover of Liverpool last year, but failed in his mission to do so.

(Image: Getty Images)

Ashley first put Newcastle up for sale back in 2008 after Kevin Keegan left his post as manager after losing a power struggle with former Executive Director of Football at the club, Dennis Wise.

Ashley has subsequently put the club up for sale on two further ocassions.

Sheikh Mansour showed interest in Newcastle back in 2008 but would eventually go on to buy Manchester City, transforming them into the best team in the UK.

Sheikh Khaled is ready to bankroll Newcastle, should he complete a successful takeover of the North East club.

He will also be tasked with tying down Champions League winning manager Rafa Benitez to a new contract.

(Image: Getty Images Europe)

Ashley has been accused of not investing enough into the club over the past few years and has a poor relationship with the passionate Newcastle fanbase.

The club have also not won a trophy since 1969.