Newcastle owner Mike Ashley has received a formal offer for the club, sources have told Press Association.
Reports emerged on Monday evening that Amanda Staveley's PCP Capital Partners had tabled a £300 million bid.
However, it is understood that while an offer has been made by one of the parties interested in mounting a takeover, it is significantly below that figure.
The ball is now in owner Mike Ashley's court as he decides whether or not to accept the first approach, having stated his intention to push through a deal before Christmas.
However, it remains to be seen just how far a man who famously drives a hard bargain is prepared to entertain the proposal currently on the table.