But Sky Sports News understands the Saudi Sovereign Wealth Fund are not the only group interested in completing a takeover of the club.
Newcastle have been contacted by Sky Sports News, but are making no comment at this stage.
The interest of the Saudi Sovereign Wealth Fund was first reported by the Wall Street Journal on Saturday morning and it claims Prince Mohammed bin Salman will team up with British financier Amanda Staveley.
Staveley was unsuccessful in her attempts to buy Newcastle two years ago following lengthy negotiations.
Ashley, who is currently out of the country, has been in control at St James’ Park since purchasing a majority stake in the club in 2007 and is understood to want around £340m to sell.
He has previously been irked that would-be buyers have attempted to do their business through the media.
Newcastle have been twice relegated from the Premier League during Ashley’s 13-year reign, with supporters protesting on numerous occasions against his ownership