A Malaysian media mogul is behind a takeover bid for Newcastle United.

The Sun says billionaire Ananda Krishnan is closing in on a deal to end Mike Ashley's nightmare two-year Toon reign - and hopes to make an announcement early next week.

The £95million deal for the club represents loose change to the 71-year-old, who is South East Asia's third-richest man worth £4.5billion.

Other consortia remain in the running to buy the crisis club.

But after making the first significant move in the drawn-out sale, Krishnan is the favourite to take control after meeting Ashley's drastically-reduced asking price - almost £40m less than the sportswear tycoon paid in 2007.

The owner-in-waiting is believed to favour Alan Shearer to be the club's manager.