Newcastle United manager Rafael Benitez could have up to £500m to spend should Amanda Staveley be successful in her proposed takeover of the club, according to reports.

Staveley is understood to be lining up a £300m bid for the Magpies - some £100m short of current owner Mike Ashley's valuation of the club - with negotiations expected to continue from there.

Staveley controls around £30bn of capital through her PCP Capital Partners firm, and previously brokered the deal which saw Manchester City taken over by Abu Dhabi investors.

Should her own takeover attempt prove successful then The Express reports that she could allocate up to £500m for transfers during the next two windows in a bid to turn Newcastle into title contenders.

Benitez was critical of Ashley's backing during the summer transfer market and even considering leaving the club before eventually choosing to stay on.

The Magpies have reaped the rewards, with the Spaniard steering the club to seventh place after nine games, sitting just two points adrift of the Champions League places.

Newcastle have already been linked with moves for two former players ahead of the proposed takeover, with Hatem Ben Arfa and Andros Townsend both tipped to return to St James' Park.