Two of the groups are understood to have submitted initial offers below the £100m asking price Ashley had originally demanded for Newcastle, but neither is in a position to complete a sale within the next 48 hours.
However, a series of discussions are planned for the first half of this week, and both Ashley and managing director Derek Llambias are hoping to have identified their preferred bidder before the end of the week.
That would enable them to enter the final phase of the takeover process, which will involve the drawing up of formal sale documents and effectively rule the three remaining consortia out of the race.
The identity of the two groups to have submitted bids to brokers Seymour Pierce remains a closely-guarded secret – there are suggestions that even Ashley does not who they are at this stage – but it is believed that an Americanbased organisation is furthest through the due diligence process.