The Premier League outfit made an announcement on Monday afternoon, confirming that the current owner hopes to conclude a sale before Christmas.
Ashley, who is the founder of Sports Direct, has been the target of criticism over the years following his acquisition of the North-East outfit in 2007.
Fans have criticised the businessman for not providing enough investment in the squad and for the constant change in managers, but it seems that a new dawn is on the horizon for Newcastle.
Rumours were rumbling that a change in ownership could be on the cards when entrepreneur Amanda Staveley, who was involved in Sheik Mansour's 2008 purchase of Manchester City, was spotted in the stands during Newcastle's 1-1 draw with Liverpool at the start of the month.
After discovering the news, Shearer, who spent 10 years playing for the Magpies, made his feelings on the development known via Twitter.
Just heard ..... pic.twitter.com/0RrorVrO07— Alan Shearer (@alanshearer) October 16, 2017