The 38-year-old is itching to get started on the business of re-shaping the squad and preparing them for the challenge of a Coca-Cola Championship promotion campaign.

However, with the players due back for pre-season training next Wednesday, he still does not know whether he will be sitting in the manager's office when they arrive at the club's Darsley Park training headquarters.

PA Sport understands coach Chris Hughton has been lined up to put the players through their paces with assistance from Colin Calderwood, whose initial short-term contract expired at the end of the last campaign, and Paul Barron should there be no major developments before then.

Shearer has been updated on the situation by managing director Derek Llambias this week and was encouraged by what he heard.

However, suggestions that he had been called to a meeting with Llambias and current owner Mike Ashley in London today at which a decision could be confirmed were wide of the mark.

It is understood two consortia are at advanced stages in the process of preparing possible bids, while others are also actively engaged in the race.

However, there are as yet no formal offers on the table and while club officials remain hopeful a takeover could be completed sooner rather than later, there are still hurdles to be cleared.

With the groups vying to take the club off Ashley's hands insisting they want to make their own managerial appointment, Shearer remains in limbo.

Llambias admitted several weeks ago that the former Magpies and England captain could be installed before a deal was struck provided that all the consortia agreed he was the man for the job.

But while the two leading contenders are believed to be of that opinion, the intentions of the others are unknown, and with all interested parties having signed non-disclosure agreements, nothing is being given away.

In the circumstances, it is likely that Hughton, who had two difficult spells as caretaker manager last season, will return to the helm on a stop-gap basis.

Newcastle are due to head off to Ireland for a training camp which will include a game against Shamrock Rovers on July 11.

They will return to England for fixtures at Darlington and Huddersfield, head for Holland to meet FC Utrecht, and then entertain Leeds before finishing their preparations for the season's opener at West Brom with a game at Dundee United.