A report in The Telegraph had suggested that Ashley had been ready to sell the Magpies as he eyed a bid for Scottish giants Rangers, but the North-East outfit have condemned the story that was published earlier this week and banned the publication from access to the club.
A club statement read: "Newcastle United has today banned the Daily Telegraph with immediate effect following a report published in its paper yesterday (Thursday, September 11), headlined 'Newcastle United For sale as Ashley eyes Rangers', as well as a follow-up article from the same reporter which appears in the Daily Telegraph today (Friday, 12th September).
"The reports by Luke Edwards on September 11, and again today, are wholly inaccurate and written with the intention of unsettling the club, players and its supporters. This is disgraceful journalism for which the club and its supporters should receive a full and unreserved apology from those concerned.
"The truth is Mike Ashley remains committed to Newcastle United. For the avoidance of doubt, this means that for the remainder of this season and AT LEAST until the end of next season, Mike Ashley will not, under any circumstances, sell Newcastle United at any price. The club cannot be stronger in stating its position on this matter.
"It is not acceptable for newspapers to print factually inaccurate reports that are damaging to the club and to fail to check facts with Newcastle United ahead of publication and then expect to receive access to the club.
"Newcastle United will not tolerate this and will take such action as it deems appropriate. The ban extends to all reporters working for, or freelancing on behalf of, the Daily Telegraph, as well as Luke Edwards in any capacity he may have working for the paper's sister title or on a freelance basis."
Ashley secured full control of Newcastle United in 2007.