Keith Harris, chairman of investment bank Seymour Pierce said that out of a number of expressions of interest, there were now two offers being considered. Harris said at the FT Sport Industry Summit in London: "We have two very serious contenders to buy it."
Harris would not name those involved but said he believed a sale will go through before the end of the year or early in the new year.
Newcastle owner Mike Ashley is reportedly seeking £250million for the club and Harris added: "We have had Nigerians that don't exist, and South Africans told by the media they were bidding.
"The truth of the matter is that the phone has rung several times, frequently because I have made the calls - but they have reacted to them.
"It is not easy doing anything in this world whether it's selling a football club or anything else, but it will come through."