Mike Ashley has agreed to sell Newcastle for £350million to the cousin of Manchester City owner Sheikh Mansour
According to The Sun, contracts have already been signed and submitted to the Premier League between the two parties.
Sheikh Khaled is a member of the Abu Dhabi royal family and one of the most successful entrepreneurs in the Gulf states.
Khaled failed with a £2b bid to buy Liverpool last year.
He will be ready to bankroll Toon, should he complete a successful takeover of the North East club.