Newcastle United owner Mike Ashley is refusing to meet the asking price of Sheffield Wednesday for manager Steve Bruce.

Wednesday are holding out for £5million in compensation if Steve Bruce is to leave and become manager of Newcastle, but Ashley is refusing to pay that much, according to The Northern Echo.

As a result, the current Sheffield Wednesday boss has been left in limbo as he waits for the two clubs to reach a decision.

"It is in the hands of the clubs. For me, there is nothing to talk about until the two clubs reach some sort of compromise," he said towards the end of the week.

"'I have had a conversation (with Newcastle), yes. It has happened so quickly that I have to take stock of the whole situation. As I've said, it is in the hands of both clubs and we will see what develops over the next 24, 48 hours.

"It's football, it has come from nowhere really over the last two or three days. We will see what the weekend brings."