Newcastle's owner Mike Ashley is close to reaching an agreement with British businesswoman Amanda Staveley over the sale of the Premier League club.
Ashley said on 16 October he wanted to sell after 10 years in charge.
Any takeover deal would not be completed immediately as Premier League approval takes 30 days.
Staveley helped broker the purchase of Manchester City by Sheikh Mansour in 2009 and it was reported she led Dubai International Capital's £400m bid for Liverpool in 2008.
The Magpies have been relegated twice from the Premier League during Ashley's 10-year reign and are currently 16th in the top flight after 16 matches, having won promotion last season under manager Rafael Benitez.
Ashley, 53, has been a divisive figure at St James' Park, with some supporters regularly protesting about the way the businessman has run the club.
He bought Newcastle for £134.4m in 2007. Their latest accounts - up to 30 June 2016 and before the club's relegation to the Championship - showed a profit of £900,000 and turnover of £126m in 2015-16.