Newcastle United owner Mike Ashley will reject PCP Capital Partners' opening takeover offer.
The Daily Mail says Ashley was furious at reports which emerged on Monday night suggesting the figure was in the region of £300million.
Sources close to the club insist it is way lower than that and PCP director Amanda Staveley will need to return with an improved offer if there is to be progress. It is thought the deal is complicated by clauses in the event of relegation.
Ashley still wants to sell the club but will do so on his terms, which could include an advertising package for Sports Direct.
If a takeover is completed - and sources close to the deal are 'confident' it will be - then Staveley, 44, will be installed as the new head of the club.