Ashley acquired the club in 2007 but his boardroom reign has been repeatedly called into question by sections of the club's fans.
Many supporters are furious with the current state of affairs, such as the controversial appointment of Joe Kinnear to the position of director of football and the failure to sufficiently add to the squad over the summer.
A loan deal for Loic Remy was the only piece of business completed by Newcastle during the transfer window.
Graeme Cansdale, a member of 'Time for Change', hopes that the protest will alert potential buyers to the apparent crisis.
"We want to get the message out there that this is a great club," the Newcastle Evening Chronicle quotes him as saying. "It should be performing a lot better and should be run responsibly.
"We also want to put the club in the shop window, this is not just about protesting Ashley. If the people come together on this march, then someone might come forward. You never know.
"[The appointment of Kinnear] might have been the last straw for people, but to be honest that is the last in a long line of things that have annoyed the supporters. There is a lot of animosity built up and people have had enough."
The match against Liverpool, which will be televised, takes place on October 19.