One report on Friday suggested American private equity fund InterMedia Partners had been told the business was available for that figure, some £286million more than the billionaire paid for it a year ago.

However, a club spokesman said: "It is absolute nonsense."

However, it is understood informal discussions between representatives of Ashley and counterparts from the New York-based outfit have taken place.

Sources in America have confirmed the US company was interested enough to hold initial talks.

It is not the first time the the club's ownership has hit the headlines again.

In the past, the word from St James' Park has always been that Ashley is building for a sustained future and is not looking to make a quick profit and then get out.

However, that has not stopped repeated talk in the City, and now further afield, that the business is for sale at the right price.

Ashley installed long-time associate Derek Llambias in the new role of managing director at St James' last month following Chris Mort's departure as chairman.

The pair are currently overseeing the club's summer recruitment drive with executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez having provided manager Kevin Keegan with new signing Jonas Guiterrez earlier this week.

But the club has undergone radical change in the last 12 months or so.

Former chairman Freddy Shepherd had already fought off a series of potential takeover bids when Ashley made his move last summer, eventually securing a £134.4million takeover with the minimum of fuss.

He has since ploughed around £100million into the club to address the debt situation he inherited and to strengthen the squad.

However, far from throwing money at the task of dragging the Magpies back into the upper reaches of the Premier League table, he has embarked upon a economy drive in an attempt to slash transfer exepnditure and a spiralling wage bill.

Ashley has maintained a low profile, other than donning his black and white shirt on matchdays and at times, celebrating victories among the fans on the City's Quayside.

That has given him ample opportunity to gauge their views, and he wasted little time in dispensing with the services of manager Sam Allardyce in January after just eight months with results taking an alarming turn for the worse.