Rafa Benitez wants to 'hit the ground running' after verbally agreeing to stay on as Newcastle manager in the Championship and spent Tuesday working on a list of transfer targets, Sportsmail can reveal.

We understand that the Spaniard is now pressing ahead with plans for next season with owner Mike Ashley having given the manager complete control of transfers for the first time under his stewardship.

Sources close to Benitez say they do not anticipate any hitches and he has already started drafting the names of players he will attempt to bring to the club this summer.

Rafa Benitez has agreed to stay on as manager of Newcastle United despite relegation to the Championship

Ashley met with managing director Lee Charnley on Tuesday as they finalised the terms of the agreement which will keep Benitez at St James' Park and an announcement is expected before next week.

Charnley – who has been blamed for last June's appointment of Steve McClaren and failure to sack him until it was too late – is set to survive, for Benitez is said to be comfortable working alongside the former club secretary as opposed to a director of football.

Sportsmail understands that Benitez has been given full control over transfers by Mike Ashley

Chief scout Graham Carr, however, will leave the club after six years and an announcement on the 71-year-old's retirement is expected.

Benitez's decision to remain in charge has been brought about by the support of the club's fans and also the encouragement of his family, who have been taken aback by the adulation he has received on Tyneside.