Newcastle United were purchased by Saudi Arabia’s Public Investment Fund earlier this month.

After starting the new era with a defeat to Tottenham Hotspur, the Magpies parted ways with Steve Bruce last week and have still not appointed his successor.

Earlier on Tuesday, we relayed claims made in Italy that Gennaro Gattuso would be ready to ‘accept’ the vacant managerial job at St James’ Park.

German newspaper Bild brings us ‘explosive’ claims, that Lucien Favre has emerged as a target for the Premier League side. It’s even said the 63-year-old is now the ‘favourite’ candidate to become the new manager of the Tyneside club.

According to the report, negotiations to take Swiss coach to England are ‘now entering the decisive phase’. Paulo Fonseca is currently the second choice for Newcastle.

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Borussia Dortmund sacked Favre last December and he’s been without a job since then. That, however, could change soon if he ends up landing the Newcastle job.

Bild say the English club should soon present their new manager ‘in the coming week at the latest’. Time will tell whether it will be Favre or someone else.