The Daily Mail says Newcastle will today approach Portsmouth for permission to speak to Redknapp about taking over as manager - after Alan Shearer again snubbed them.
Yet he remains one of the Barclays Premier League's lowest-paid managers despite recently signing a new four-year deal, while the prospect of a 'transfer fee' being paid to Portsmouth will not deter Ashley from pursuing his man.
One option likely to appeal to Ashley would be the prospect of Redknapp bringing his son, Jamie, to work alongside him.
Should Newcastle fail to lure Redknapp, Blackburn's Mark Hughes and even Jose Mourinho may be alternative targets.
First-team coach Nigel Pearson will take charge for Saturday's match while Redknapp is scheduled to be in the north-east as Portsmouth take on Sunderland.