Newcastle's No.1 Managerial Choice 'Would Turn Down' The Club's Offer

The takeover brings to an end Mike Ashley's tumultuous 14-year spell as owner.

The St. James' Park outfit have already been linked with a number of transfer targets, with the board looking at replacing current manager Steve Bruce.

He's currently without a club after guiding Inter Milan to the Serie A title last season.

Though the report suggest that his next job will need to be at a club who are already in a position to genuinely challenge for trophies.

The 52-year-old has also been linked with Arsenal, with his impressive CV boasting jobs at Juventus and Italy not to mention the aforementioned Chelsea and Inter.

According to the bookies, Steven Gerrard, Eddie Howe, Rafael Benitez and Frank Lampard are also thought to be in the running for the Newcastle post.

The Magpies, meanwhile, are currently 19th in the table - with just three points on the board and yet to register their first league win of the season.

There's clearly a lot of work to be done ahead of a potential squad overhaul.