Newcastle United have reportedly decided to give Rafael Benitez a transfer warchest in the region of £70m ahead of the summer transfer window.

Last month, it was confirmed that the club's stay in the Championship would only last a year after they earned promotion back to the Premier League, and attention quickly turned to the amount of funds which Benitez would receive to sign new players.

According to The Telegraph, Benitez is due to meet with owner Mike Ashley at some point next week, but it has been suggested that he will have £70m to spend, should he choose to use it.

Benitez made as many as 11 permanent signings last summer, but the club still made a net profit due, in part, to the sales of Georginio Wijnaldum and Moussa Sissoko.

It has been claimed that the Spanish coach may want to make another eight signings, something which Ashley may not be keen to happen due to his intention to keep the wage bill at a workable level.

Newcastle can still win the league title should results go their way at the weekend.