Newcastle will consider whether to make ex-Bournemouth boss Eddie Howe their next manager after Villarreal's Unai Emery rejected the club's advances.
Former Arsenal boss Emery and Howe were the frontrunners to replace Steve Bruce two weeks after the former Newcastle boss left by mutual consent.
But with preferred choice Emery turning the new owners down, they will take stock before making a decision on Howe.
Graeme Jones could stay in an interim role for Saturday's trip to Brighton.
Newcastle, winless in 10 Premier League games, had hoped to appoint a manager before that match.