The Daily Mail reports that Erik Ten Hag will reportedly be offered an astonishing £11million a year, with Jurgen Klopp (£15million) and Pep Guardiola (£20million) the only two managers currently on higher salaries.
It is hoped that the jaw-dropping offer could tempt Ten Hag away from his current role at Ajax, with Manchester United also being mentioned as a possible next destination for the highly-rated coach.
But Ten Hag is reluctant to leave his current post at the Amsterdam club, and has already turned down a move to English football after Jose Mourinho's departure from Tottenham Hotspur. With that in mind, Newcastle may have to focus their attention elsewhere.
Among those on Newcastle's shortlist includes ex AS Roma boss Paulo Fonseca, who impressed new director Amanda Staveley in recent talks between the two parties. He is also ready to start work straight away.
Meanwhile, Lucien Favre, Frank Lampard and Roberto Martinez are the other names that have been identified by the St James' Park hierarchy.
With that in mind, the Tyneside club will not make a knee-jerk appointment and will go through a thorough recruitment process before confirming their new coach.
Despite their new-found wealth, the Magpies remain in a perilous position in the table and currently sit 19th without a win after nine games.
Whoever comes in will have a healthy transfer war chest to get stuck into, but must first guide the team away from the Premier League drop zone.
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