An Asian-based bid was rumoured to be interested earlier this month - but now an Icelandic consortium is reportedly readying a bid for the Magpies.
Jon Asgeir Johannesson, chief of Baugur, is reported to be behind the bid.
Johannesson along with Palmi Haraldsson, who runs another Icelandic investment group Thera, are reported to have approached Shearer with a view to becoming involved with the bid.
Icelandic sources are claiming that a potential deal is very much in the offing, but it remains to be seen whether Ashley would be tempted into selling just months after purchasing the club.
