Newcastle United owner Mike Ashley will give Henry Mauriss until August 14 to reach an agreement for his proposed takeover bid.
On Thursday, Saudi Arabia's Public Investment Fund withdrew the £300million offer they and the Reuben Brothers had tabled for the Toon.
Financier Amanda Staveley, who was leading their joint-bid, blamed the Premier League for dragging its heals.
While Ashley says he is still hopeful of resurrecting a deal with the Saudis, the door is now open for Mauriss, says the Mirror.
The American is understood to be willing to pay £350m, with Chris Ronnie, a long-time associate of Newcastle owner Mike Ashley and, ironically, an old school friend of Magpies boss Steve Bruce, steering negotiations.
And while a mid-August deadline has been set to give Newcastle clarity ahead of the 2020-21 season, there is hope that an agreement could even be reached in the coming days.