Newcastle United owner Mike Ashley is offering Harry Redknapp a £20 million transfer kitty to quit Portsmouth.

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.

Ashley has drawn up a short-list which is topped by Redknapp - but also includes Mark Hughes, Jose Mourinho and Jurgen Klinsmann. However, Redknapp is his No 1 target.