Newcastle have brushed off a possible takeover spearheaded by Steve McMahon as 'total rubbish'.
The former Liverpool midfielder is the commercial director at Singapore-based consortium Profitable Group, who are reported to be attempting to buy troubled Toon.
But Newcastle managing director Derek Llambias has dismissed the deal, insisting McMahon's team are not in the running to buy-out owner Mike Ashley.
'We know who this Profitable group are because we had some dealings with them last summer regarding some business in the Far East,' said Llambias. 'But we have had absolutely no contact with them since then.
'There hasn't been a bid and there hasn't been an enquiry. They have claimed they have met Mike and myself to discuss things and they haven't. It's total rubbish.
'There are three or four interested parties who we are talking to but these aren't one of them.'
It has been suggested that Profitable Group would install Alan Shearer as Newcastle manager if they moved in at St James' Park.
'We are aware of the reports but we have no comment at the moment,' said chief executive John Gaunt.