A £340 million (Dhs1.62bn) takeover of Newcastle United by Saudi Arabia’s sovereign wealth fund appears to be nearing completion, according to BBC Sport.

Current Newcastle owner Mike Ashley is now in “advanced talks” with the Saudi Public Investment Fund (PIF) about a deal, though there have been many false dawns for Magpies fans in recent years.

And while the chances of a change in ownership going through are reportedly “high”, the BBC Sport source wanted that “Ashley does not need to sell, and he is unpredictable”.

Amanda Staveley, who brokered the Abu Dhabi takeover Manchester City and has previously failed in a bid to buy Newcastle, is again at the centre of the new talks after speaking to Saudi Crown Prince Mohammed bin Salman about buying the Premier League club.

Staveley is reportedly chasing 10 percent stake in Newcastle if the deal with the Saudi PIF goes through.

Last year, a takeover involving the Bin Zayed Group, representing UAE billionaire Sheikh Khaled bin Zayed Al Nahyan, failed to materialise.