Following further talks between the two parties, Staveley is tabling a new offer in excess of £300m.

There has been no response from Ashley’s camp and it is understood he is waiting until next month’s announcement on the Premier League’s new TV deal before making a decision.

Whatever the outcome of this latest bid, there will be no cash windfall for manager Rafa Benitez to spend in this month’s transfer window.

Benitez has yet to be told the size of his kitty though Toon insiders insist there is some money available.

The Newcastle boss has made no secret of his frustrations at the lack of information coming from the boardroom and continues to express his concern at the limitations of his squad.

Of even greater concern is the uncertainty over Newcastle’s long-term future.