Newcastle have confirmed talks with Sheikh Khaled bin Zayed Al Nehayan over a £350million takeover of the club.

Meanwhile, the takeover of the club by Al Nehayan has also been confirmed by the associates of the Dubai-based billionaire.

According to the Sun, contracts on the £350million deal had already been signed and submitted to the Premier League between owner Mike Ashley, 54, and the cousin of mega-rich Manchester City owner Sheikh Mansour.

The Daily Mail now report that the closest working associate of Sheikh Khaled, 62, claims the deal is done and will be concluded in time for this summer’s transfer window.

The report adds that Sheikh Khaled wants manager Rafa Benitez to stay on.

It comes after Newcastle had been subject to previous but unsuccessful takeover attempts from the likes of Amanda Staveley and Peter Kenyon.

Sheikh Khaled is a senior member of the Abu Dhabi royal family and last year failed in a £2billion takeover of Liverpool.

Toon fans were sent into meltdown after hearing the news was close to being confirmed with the much derided Ashley soon to be out the door.

The St James’ Park faithful have long been frustrated with Ashley and his lack of funds and commitment shown to the club he has owned for 12 years.

Club supporters regularly show their hostility towards the retail tycoon, with one even coming close to blows the loathed owner last year.

And dozens of Newcastle fans protested around the restaurant where Ashley held a morale-boosting dinner with Benitez in October.

Sheikh Khaled is ready to provide funds to bolster a limited squad that has done well to stay in the Premier League after years of underinvestment under Ashley.

Photo Credit: premierleague.com