Newcastle want Terry to lift gloom at St James'

The former England boss first met club officials in London yesterday and discussions resumed with Venables hoping to make a decision this evening.

The club have been in turmoil since Kevin Keegan quit as manager three weeks ago, which was followed by owner Mike Ashley announcing he wants to sell up.

"I've met Newcastle representatives and, hopefully, I can give them a final decision today," said Venables.

The 65-year-old was talking with vice-president Tony Jimenez, managing director Derek Llambias and executive director Dennis Wise.

Venables has been out of the game since England's failed bid to qualify for Euro 2008 when he was an assistant to Steve McClaren.

Should Venables reject the offer, it is understood Newcastle have an alternative candidate with David O'Leary, Alan Curbishley, Kenny Dalglish and Glenn Hoddle also linked with the role.

Ashley has had to shelve plans to appoint a permanent replacement after considering Paul Ince, Gus Poyet and Didier Deschamps among others, with his efforts to sell the club after just 16 months ongoing.

Investment banker Seymour Pierce is looking for buyers with Chris Nathaniel, spokesman for the Nigerian consortium linked to the club, insisting they are serious.

They have hinted they will restore Keegan to his post — and that has been welcomed by fans.

However, Seymour Pierce is understood to be assessing several potential buyers as Ashley looks to make a quick exit.

That process will depend on the willingness of interested parties to meet the asking price, reported to range from £480million down to less than half that figure.

As a result, there is little prospect of a sale going through within days.