It is understood the consortia currently looking to buy the club have been told they will have until a week on Friday to show their hands as owner Mike Ashley awaits bids.

Investment bankers Seymour Pierce, under the guise of their chairman Keith Harris, have been handed the task of selling the business and have been contacted by at least eight interested parties.

There was speculation a deadline had been set for Tuesday for serious bidders to make formal approaches, although it is understood they have 10 more days in which to do so.

That, however, could mean the completion of any sale may not take place until the end of November as potential purchasers carry out due diligence and plan for life after Ashley at St James' Park.

Ashley is thought to be looking for a figure of around £280m to £300m for the club in which he has invested a total of around £250m during his 16 months at the helm.

Meanwhile, former Newcastle United manager Sam Allardyce claims Ashley's takeover of the club was driven by the billionaire's desire for a quick profit.

Allardyce, sacked by Ashley before he brought in Keegan, believes that was always in the businessman's mind when he launched his takeover bid for Newcastle.

"It is crystal clear now what the motives were for Mike Ashley," the former Bolton boss said.

"I think that he did buy the club in the hope that he could quickly sell it on for a vast profit."

The Magpies currently sit third bottom of the Premier League after claiming a single point from their last five games.

"It is going from bad to horrendous and there is part of me that thinks I'm glad I'm out of it," Allardyce added on talkSPORT.

"I thought Kevin was going to get the money I didn't get - but the continuous sales and players moving in and out over the summer obviously caused him to conclude the job was untenable and the club was thrown into chaos."