Magpies set to appoint big Sam

The Tyneside club announced a press conference for 1pm on Tuesday at St James' Park where they are expected to unveil the former Bolton boss as Glenn Roeder's successor after a second round of talks following a meeting in London on Friday.

Allardyce told Sky Sports News: "Obviously there is an interest in Newcastle, where we have had a discussion, and we will see where it goes from there. Of course it has popped up a bit quicker than I thought and whatever happens in the next few days will be vital in terms of what announcement will be made."

Shepherd had spent the last few days attempting to persuade his number one target that his future lies on Tyneside, although Stuart Pearce's departure at Manchester City left the hotseat at Eastlands vacant and led to renewed speculation that the former Bolton boss could be the man to fill it.

However, it later emerged that Allardyce was never a realistic candidate because Newcastle were too far down the road when Pearce's demise was announced.

The post became vacant just eight days ago when Glenn Roeder resigned in the wake of the 2-0 home defeat by Blackburn.

Allardyce was immediately installed as the favourite with most bookmakers suspending betting within hours.

He was initially offered the job back in September 2004 before Graeme Souness was appointed but turned it down and, as a result, was not considered when Roeder was given the job in February last year.

Lyon boss Gerard Houllier and, perhaps less realistically, Sven-Goran Eriksson have also been linked with the job.

Allardyce, unlike several of his predecessors, will have a full summer during which to rebuild his squad, although he may have to do it with limited funds.