PCP Partners have reportedly submitted a formal takeover offer of £300m to Newcastle United.
The firm, which has previously acted on behalf of Middle Eastern investors, is being fronted by businesswoman Amanda Staveley.
The Brit sparked takeover talk when she was spotted watching Newcastle take on Liverpool in a 1-1 draw at St James' Park on October 1.
According to Sky News, Staveley's PCP firm values the club at £300m and has tabled that amount in a bid to buy Ashley's shares.
Reports had claimed that the Magpies wanted the sale to go through by Christmas.