Indian billionaire Anil Ambani is TWICE as rich as Chelsea owner Roman Abramovich.

The News of the World says Ambani is in talks over a takeover of Newcastle United. India's second richest man - who has a personal fortune of £21BILLION - has been in negotiations with Ashley for several weeks, and has made it perfectly clear he will rival Chelsea owner Roman Abramovich in the spending stakes.

A figure of around £150m has been discussed in Ambani's inner circle with the telecoms magnate only too happy to sanction such a sum for players.

There is a widespread belief from those closest to the potential deal that papers drawn up by Ambani's legal team could even be lodged with Mike Ashley's lawyers by next week.