EXCLUSIVE: Newcastle make official approach for Redknapp

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The 60-year-old has been torn between staying at Pompey and the challenge of taking over at St James' Park but it seems certain he will now agree to become the next Newcastle manager.

According to the London Evening Standard he has told friends that he will accept the "biggest challenge" of his life as he tries to breathe life into the ailing north east giants.

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On call: Portsmouth boss Harry Redknapp

Compensation would now appear to be the only issue left to resolve before Redknapp takes over from Sam Allardyce, who was sacked on Wednesday night after just eight months in charge with their chairman Alex Gaydamark wanting at least £1.5million before the former West Ham manager is unveiled next week.

It's believed he can expect a £5m-a-year deal - five times his current salary at Fratton Park - and will be allowed to commute from his Sandbanks home in Poole, Dorset, with Ashley prepared to lend his new manager his private jet.

Former Arsenal captain Tony Adams has already been sounded out about replacing Redknapp, who has led Portsmouth to eighth in the Premier League.

Ashley is currently in Hong Kong on business but wants his chairman Chris Mort to get their new manager in place before Wednesday's FA Cup replay at home to Stoke City.