The former England striker was unable to keep the club in the Barclays Premier League during a short stint in charge at the end of the season.

obvious conditions

Shearer said in a statement: "I met Mike Ashley and Derek Llambias last week and we discussed at length the future of Newcastle United and my desire to be the manager moving forward.

"I made no demands but there were obvious conditions. We simply proposed an honest evaluation of what was needed to get the club back into the Premiership whilst building solid foundations for the future.

"I fully understand Mike Ashley's decision to sell the club as he feels it's now in the best interest of the club and the fans.

"I hope to know more by the end of the week."