Former Bournemouth goalkeeper Eddie Howe remains under consideration at Newcastle United.
The Athletic reports the Saudi owners have cut their shortlist to just two with Villarreal coach Unai Emery the leading contender ahead of Howe.
Emery is contracted at Europa League winners Villarreal until 2023 and it's believed that Newcastle would have to pay the Spanish club around £5.1m in compensation.
It's said the decision will come down to whether Newcastle can meet Emery's personal terms and pay him a similar salary to what he had at Arsenal.
If they are unable to persuade Emery to join St James' Park, then Howe would be their next choice.