Barry Moat is said to be "the preferred bidder of investment bankers Seymour Pierce" who were engaged by owner Mike Ashley to find a buyer back in May.
However, four other groups, all understood to be based overseas are also currently engaged in dialogue with the hierarchy at St James' Park.
Mike Ashley is still keen to sell, according to most reports, but Dennis Wise claims Newcastle's position at the top of the Championship has slightly reduced the urgency to do so.
Ashley wants the cash up front to complete a buy-out, and none of the five have shown the colour of their money, as yet.