Former Arsenal manager Unai Emery has emerged as the leading candidate for the vacant Newcastle job.
The Magpies are on the lookout for a new manager following the departure of Steve Bruce last month, less than two weeks after the Saudi-Arabia backed takeover of the club.
It's reported former Bournemouth boss Eddie Howe is also in the running but Emery is Newcastle's number one target.
Emery was appointed Villarreal manager in July 2020 and led them to the Europa League title last season, beating Manchester United on penalties in the final.
The Spanish club face Young Boys in the Champions League on Tuesday night and go into the game in second place in the group, two points behind United.
The 49-year-old is contracted with the La Liga side until the summer of 2023 so Newcastle will have to pay in the region of €6 million in compensation to get Emery back to the Premier League.
Emery finished fifth in his first season with Arsenal and also led them to the Europa League final but he was sacked in November 2019 after a poor run of results.
Newcastle are second from bottom in the Premier League without a win and have just four points from their opening ten games.
Graeme Jones, previously part of Steve Bruce’s coaching staff, was placed in interim charge and since then the Magpies have drawn with Crystal Palace and lost to Chelsea.
The club's new owners hope to announce the deal later in the week before Saturday’s game away to Brighton.
Emery would have to wait until January to add to the squad but Newcastle expect to be busy in the transfer market in a bid to avoid relegation.