Although the identity of the groups who have shown they are serious about a takeover is being kept a closely guarded secret by everyone directly involved in the negotiations, The Journal can confirm that former Magpie chairman Freddie Shepherd is definitely part of one of the bidding groups.

Shepherd has already indicated privately he will immediately want to appoint Shearer, although it seems others share the view that the former Newcastle captain and record goalscorer is the only man capable of lifting the club following relegation.

Shearer has been patient during all of the delays, despite his frustration at not being able to start overhauling the first-team squad, but he is also hopeful an end is in sight to yet another regrettable saga at St James’s Park.

A source close to Shearer said: “Alan has been told that Thursday could be a very big day in terms of his and Newcastle’s future, so it seems things are starting to move in the right direction.

“He has been incredibly frustrated by the delay because he wanted to get straight into things as manager and start preparing the club for a bid to make an immediate return to the Premier League. Everything has been on hold for the last few weeks because Alan has been left in limbo while the club is being sold. That process looks to be coming to an important stage – so this week could be an exciting one.”

Meanwhile, should Shearer be confirmed as manager, he will move quickly for highly-rated Norwegian midfielder Per Ciljan Skjelbred, even though the talented playmaker has also attracted interest from a number of Premier League sides.

Although Shearer has been stuck in limbo because of the uncertainty at boardroom level, he has also lined up deals for Leeds striker Jermaine Beckford and Tottenham’s Chris Gunter.