Following months of speculation, Ashley confirmed yesterday that he has officially put the club up for sale and is aiming to have a deal done by Christmas.
According to the Evening Standard, the latest name linked with a takeover is Murat Ulker, Turkey's richest man with an estimated personal fortune of £2.8 billion.
The newspaper claims that Ulker is prepared to offer Ashley £220m for the club, which is significantly less than Ashley's alleged price tag of £360m, and will vow to back manager Rafael Benitez with £60m in the transfer window.
Ulker's London-based representative Tom McLoughlin said: "The Ulker family have substantial assets and significant investments already in the UK.
"We understand football and our initial specific target would be to make Newcastle a solid top six club and a permanent feature in Europe with a popular local and worldwide following."
Ulker owns Yildiz Holdings, a European food company which has brands such as McVitie's, Penguins and Jaffa Cakes.