Sources close to both Freddy Shepherd and Mike Ashley have played down suggestions that the former chairman is about to buy back the club.
Reports variously suggested Shepherd is ready to formally offer Ashley either £60million or £80million and install Alan Shearer as manager.
However, while the man who ran the club for so long is involved in discussions and has signed a non-disclosure agreement, he remains only one of a series of interested parties.
Ashley has put a £100million price tag on the club he bought for £134.4million a little more than two years ago, since when he has pumped in around a further £110million.
Despite Ashley saying in May "I will only sell the club to someone who has the interests of the club at heart" - the sportswear magnate now insists he will accept the first viable offer of £100million he receives.