Steve Bruce was recently sacked as the Newcastle manager after a disastrous start to the campaign and he received the £8 million pay off.
The new owners are quite ambitious and they are looking to bring in someone who can transform Newcastle into a Premier League superpower.
According to Italian publication Tuttomercatoweb, Portuguese super-agent Jorge Mendes is currently pushing for the former Italian midfielder to take over at St James’s Park.
Newcastle are currently in the relegation zone and Mendes believes that a top manager is unlikely to take over in the current circumstances.
It will be interesting to see if the former AC Milan and Napoli manager is willing to take over at the Premier League club in the coming weeks.
According to the Sun, the likes of Paulo Fonseca, Lucien Favre, Roberto Martinez and Leonardo Jardim have also been linked with Newcastle.
Newcastle are in desperate need of a quality manager who can turn their form around and it remains to be seen whether the new owners can bring in a proper replacement for Bruce as soon as possible.
Ajax manager Erik Ten Hag has been linked with the job as well and the Toon chiefs are reportedly willing to pay him £6 million a year after tax.