Magpies fans were left devastated after the Â£300million proposed Saudi takeover collapsed, after the consortium led by Amanda Staveley pulled out.
They blamed the prolonged process of being approved by the Premier League as one of the key reasons for withdrawing their interest in buying the club.
Newcastle owner Mike Ashley â€“ who stands to pocked Â£17m despite the takeover falling through â€“ is still desperate to sell the club ahead of the new season.
It has been claimed that he has given US tycoon Henry Mauriss an August 14 deadline to get a deal over the line.
Meanwhile, TMW says sale discussions for Pallotta have been in an advanced stage in the last month, with The Friedkin Group close to buying Roma for Â£450m.
Should this materialise, then it has been alleged that he could reinvest this money into Newcastle.