Former Chelsea and Manchester United chief executive Peter Kenyon ha made a fresh attempt to buy Newcastle, offering current owner Mike Ashley £300m - of which £125m would be paid up front.
Kenyon was unsuccessful with an offer that he made earlier this year, but he is now making a second bid working alongside Florida-based consortium GACP Sports, who already own French side Bordeaux.
According to the Daily Mail, the group are willing to pay Ashley £300m across the course of three years, and will inject £50m into the club straight away to cover operational costs. Ashley is expected to respond to the offer within the next ten days.
It is believed that the group wish to turn Newcastle into a top ten Premier League outfit should they be successful with their takeover of the club, with billionaire Joseph DaGrosa, who is working with Kenyon to get the deal done.
The American has previously suggested his interest in taking over at Newcastle in an interview with the Guardian, via Shields Gazette.
However, Daily Telegraph reporter Luke Edwards has warned the fans not to get their hopes up, stating that there are still plenty of hurdles to overcome before a deal can be agreed.
One further concern for the Geordie faithful - should the deal ever get off the ground - may be that GACP Sports have pledged to support under-fire manager Steve Bruce moving forwards, citing his 'unparalleled success in Europe'.
Bruce has never made it past the qualifying rounds of a European competition as a manager, and has struggled since taking charge back in July. He has won just one of his opening six Premier League games and is yet to earn the fans' approval after his unpopular appointment over the summer when he replaced Rafael Benitez.
Meanwhile, Kenyon has been on record naming Jose Mourinho as someone he would like to work with.