Venables may answer Magpies SOS

The former England boss was locked in a second round of talks with the club's hierarchy in London with the Magpies looking to push through plans to appoint an interim manager.

Should Venables reject the opportunity to return to the game, it is understood there is 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 bankers Seymour Pierce are currently looking for buyers with Chris Nathaniel, spokesman for the Nigerian consortium linked to the club in recent days, insisting they are deadly serious.

They have hinted they will restore previous boss Kevin Keegan to his post - and that has been well received by sections of the club's support.

However, Seymour Pierce, led by chairman Keith Harris, are understood to be assessing the credentials of several potential buyers - there have also been links with Chinese, American and north-east investors - as Ashley looks to make a quick exit.

That process, which could depend largely on the willingness of interested parties to meet the asking price - varying reports have suggested that could range from in excess of £480million down to less than half that figure - will take some time, and there is little prospect of a sale going through within days.

Indeed, the speed with which Ashley tied up his own swoop without conducting due diligence may serve as a salutary lesson for those looking to succeed him after he found himself facing a series of unexpected bills.

However, the need to provide caretaker manager Chris Hughton with experienced support in the short term is becoming more urgent by the day with the Magpies' tailspin threatening to accelerate.