It is understood the front-runners in the race to buy out Mike Ashley are ready to conduct due diligence as they prepare to firm up their intention to make a formal bid.

There have been reports on Tyneside that a South African-led consortium is among the most advanced potential bidders, while former chairman Freddy Shepherd has been repeatedly mentioned.

However, sources close to the club have suggested there is strong interest from elsewhere.

Investment bankers Seymour Pierce, whose chairman Keith Harris is handling the sale, has been in contact with up to four prospective purchasers, including the Singapore-based Profitable Group, but there is still some way to go before the club could change hands.

There was consternation in the city this morning when a press release sent to media organisations claimed a north-east businessman had put together a five-man consortium which was preparing a $180million bid - $20million less than Ashley's asking price - with a further $120million to restructure the business and provide Alan Shearer with a $60million transfer kitty.

However, checks shed little light on the identity of the man said to be at the helm, and their alleged interest came as news to both the current regime and well-placed sources in the Tyneside business community.

But whoever eventually succeeds in taking over from Ashley, there is a will to push through a deal as quickly as possible with time running down before the start of the new season.

The players are due back for pre-season training on July 1, with the Coca-Cola Championship campaign starting in eight weeks' time, although there is as much work to be done on the playing side as there is behind the scenes before then.

Newcastle currently have no manager - Joe Kinnear's contract has expired and Alan Shearer was employed only for the final eight games of last season.

The 38-year-old former England striker has made no secret of his desire to take the job on a permanent basis, but the current regime has little intention of appointing either him or anyone else with several of the prospective new owners having indicated they want to take that decision themselves.

Shearer remains the overwhelming fans' favourite for the job, but he too is waiting for answers as the saga drags on.

In the meantime, speculation continues to mount over the futures of the players who took the club down into the Championship with many certain to leave in an effort to slash an unwieldy wage bill.

However, Damien Duff's representatives have played down a link with promoted Burnley with the Republic of Ireland international having earlier spoken of his desire to remain at St James' Park along with the likes of Steve Harper, Steven Taylor and Habib Beye.

They have been joined too by $20million striker Obafemi Martins, one of the club's most saleable assets, who seems certain to be one of the first to attract interest from suitors.

He told the Evening Gazette: "I hope I am not sold.

"If the club decide to sell me, I have no choice but to go. But my aim is to stay and help get Newcastle promoted next season.

"I love living in Newcastle, and there are few better places to live and play.

"I know the club is for sale and that is hard for the fans. Yet I hear there could be some light at the end of the tunnel eventually."

Martins, like many of his team-mates, however, might have that decision taken out of his hands as the club attempts to drastically reduce its expenditure in anticipation of a massive drop in income following relegation from the Barclays Premier League.