Steve McMahon, a Liverpool favourite in midfield, is heading a Singapore-based investment group in attempting to buy Newcastle United. McMahon joined Profitable Group's board of directors as group commercial director in March 2008.
Interim Toon boss Alan Shearer will be offered the full-time manager's job if McMahon's proposed buy-out takes place.
A Profitable Group source told the Chronicle: "Yes we are interested in buying Newcastle United - and we're putting together a plan.
"We have spoken with Mike Ashley and Derek Llambias and we are hoping that we can reveal a lot more in the next few days.
"We have people within the company who have strong Geordie roots that stretch more than 40 years.
"And there are people here who have a love for the club - we think that is vital for Newcastle at the moment."