A day after axing the man who dragged the Magpies back out of the Coca-Cola Championship at the first attempt, club officials were running the rule over a series of potential replacements in the hope of making an appointment within the next 72 hours.

Former Reading, West Ham and Charlton boss Alan Pardew, who was sacked from his latest post at Southampton in August, edged back ahead of Martin Jol in the betting following a surge of support for the Dutchman in the immediate aftermath of his resignation at Ajax yesterday.

There was no official word from the Jol camp today, while sources close to Alan Curbishley, another man linked with the post, insisted he is "highly unlikely" to be the club's next manager.

Martin O'Neill has been the name on the lips of many supporters since Hughton lost his job. But with Ashley determined to run the club as a financially sound business, any new manager would have to work within stringent guidelines, and O'Neill's dissatisfaction with the backing he received during the latter days of his reign at Aston Villa suggests the job on Tyneside may not be for him.

Hughton was the victim of Newcastle's desperation not to surrender their Barclays Premier League status for a second time and the revenue implications that would bring.

Ashley's blueprint for long-term success is dependent on the club retaining their place among English football's elite, and the owner acted after a run of five games which yielded just two points.

The Magpies head into Saturday evening's clash with a resurgent Liverpool sitting in 12th place in the table with 19 points, close to halfway to the total normally required to stay up.

The decision to sack Hughton, who was thrown in at the deep end in the summer of last year with the club in turmoil, has been condemned by many observers, but Ashley has grown used to flying in the face of public opinion and will set about the task of finding a replacement unabashed.

Former Newcastle and Republic of Ireland defender John Anderson, now a BBC Radio Newcastle pundit, believes the latest recruitment drive will prove difficult.

Anderson told Press Association Sport: "Who's going to come? People are saying Martin O'Neill, but Martin O'Neill left Villa because he wasn't being backed.

"Do you think he is going to come here and work under a regime which is not going to give him money to spend?

"Apart from [Blackpool boss] Ian Holloway, Chris was probably the lowest-paid manager in the Premier League.

"Whoever comes in is going to want a lot more than Chris Hughton was on, and he is going to want assurances that there is going to be so much money available for him to go out and get players.

"Would Martin Jol come here? Maybe, because he wants to get back into English football.

"But I am sure if Martin Jol comes, he is going to want a four or five-year contract, where the other two [Pardew and Curbishley] would just be delighted to get back into the game."

Newcastle's record goalscorer Alan Shearer, who had a brief spell in charge as the club slipped out of the top flight two seasons ago, has reportedly hinted that he could be interested in the job again, although the Magpies' insistence that they are looking for experience would rule him out.

Asked about his close friend Shearer's potential candidacy, former midfielder Rob Lee told Sky Sports News: "Nothing surprises me in football, but that would.

"I think he would love to do it, I think he would still love to be involved in football management.

"But when they have come out with the statement they want experience, it's probably the only thing he hasn't got."

Hughton visited the club's Darsley Park training headquarters today to say his final goodbyes as Peter Beardsley, who was handed temporary charge of team affairs yesterday, put the players through their paces at St James' Park with icy conditions, as well as the managerial situation, having disrupted their normal routine.