Allegedly, Sam Allardyce will be given until Christmas to turn round the club - even if they lose to Arsenal this week.
Ashley Tells Fans Sam Has 'Til Xmas To Turn It Around!
Newcastle have taken just one point in five games and Ashley and chairman Chris Mort will review the club's situation in the 'medium term', which sources say is after the Christmas and New Year matches.
Mort has pledged support, but has warned results must improve.
After Arsenal's visit on Wednesday, the club have four winnable games after which the situation will be looked at.
Newcastle take on Birmingham (h), Fulham (a), Derby (h) and Wigan (a) in the run-up to Boxing Day, during which Allardyce will have to produce to survive.
After that is gets tough with Chelsea, Manchester City and Manchester United in consecutive games, plus an awkward FA Cup trip to Stoke.