NRL club Newcastle Knights are reportedly reconsidering the offer from Newcastle Jets owner Nathan Tinkler to purchase the club.

The mining and racing magnate put in an offer of around $10million to buy the financially struggling rugby outfit but his gesture was initially met with disdain from Knights officials.

However, it seems that there has been a turnaround, mainly due to pressure from fans of the club with Knights chief executive Steve Burraston telling The Australian that they are now considering the deal.

"My understanding is that the offer from Nathan Tinkler had been taken off the table, but then I received a call from (Tinkler Sports Group chief financial officer) Troy Palmer on Thursday last week to see if we could talk," Burraston said.

"If this was to proceed we as a football club would need certain guarantees."

Jets executive chairman Ken Edwards said that the Knights would be very silly to let an opportunity like this pass, especially considering they have a debt of around $2.5million.

"They have seen what Nathan Tinkler has done in a very short space of time with the Jets in the A-League," Edwards said.

"Nathan first approached the Newcastle Knights' board about this proposal 12 months ago and remains confident of getting the approval. The plan is to make the Knights more community focused.

"This is about two groups wanting the best outcome for the Newcastle community and the Knights.

"There's no doubt that everyone wants to reach the right outcome and with a deal that both parties are happy with.

"This will ensure the Knights a sound financial base."