A South African consortium has tabled a bid in the region of Ј300m to buy Newcastle, BBC Sport understands.
The five-strong South African group are thought to be keen to bring back crowd favourite Kevin Keegan as manager.
Keegan may be offered a 5% stake in the club in a bid to persuade him to return for a third spell at the helm.
Interim boss Joe Kinnear revealed on Thursday as many as eight consortiums had been in talks with owner Mike Ashley about buying the Magpies.
The South African group are considered the frontrunners and could be set to finalise Eight buyers 'in Newcastle talks' ...
Ashley cuts Newcastle price tag ...
Newcastle begin hunt for new boss ... a deal in a matter of weeks.
"I haven't got a timescale on it, so I don't really know what the outcome is," Kinnear commented.
(BBC)
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