Kevin Keegan won't consider a return to Newcastle United under the present ownership.
Richard Bevan, of the League Managers Association has kept in close contact with Keegan since helping negotiate his departure from St James' Park last month.
Bevan confirmed the former England manager is monitoring events on Tyneside closely.
But Keegan is keeping his options open while Ashley tries to flog the club.
Bevan said: "Numerous people, including a group of Newcastle supporters, have contacted Kevin and myself saying, 'Would he be interested in coming back?'
"Kevin didn't want to leave. He has a great passion for the club.
"But the structure has to be right.
"He doesn't want to go through that again. Kevin can't make any decision until the club has been sold."