Italian journalist Fabio Santini made the claim on 7 Gold's Diretta Mercato, detailing the Saudi backed takeover and their transfer plans.
Santini said: “Mohammed bin Salman is about to buy Newcastle. The Saudi prince is thinking of a double hit.
"Max Allegri could become the new manager of the English club.
“The manager has also already asked for the first reinforcement: Mauro Icardi, currently on loan at Paris Saint-Germain, but owned by Inter..."