The Daily Mail says Ashley has not yet made an approach to Portsmouth, who have warned them off their 'much valued' boss.
Redknapp, 60, has spoken to a number of influential football people, who have advised him to take the job. A friend said last night: "Harry knows Newcastle are a massive club with great ambition. His style of football would go down a storm there. We're all telling him to take it, but he feels a strong loyalty to Portsmouth."
Newcastle, who sacked manager Sam Allardyce on Wednesday, are willing to give Redknapp funds to revitalise the team. Ashley would also have to pay £1.5m compensation to Portsmouth.