Jonas Gutierrez believes the Newcastle United takeover will transform the 'energy' around the club and the city.
The Argentinian was one of several fans' favourites to fall foul of the Mike Ashley era on Tyneside, and has welcomed the new consortium to St James' Park.
Following months of silence, the Premier League confirmed the £305m sale to the group backed by Saudi Arabia's Public Investment Fund had been approved on Thursday.
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Gutierrez spent seven seasons on Tyneside, experiencing the highs of European football to the lows of relegation to the Championship before departing in the summer of 2015.
The winger, who is currently plying his trade with Buenos Aires-based outfit Almagro at the age of 38, now believes his former club should consistently be challenging the Premier League's elite.
Gutierrez told Sky Sports News: "I think like all of the Newcastle fans, we're really, really happy because it was necessary for me to have a change.
"Hope is coming for the glory years at Newcastle. I can see what the fans think outside of St James' Park, the videos, all the things that they do when they know that we have new owners.
"So I'm really happy, I think the energy is going to be different now. I think we can go through to the place where Newcastle will always be part of the teams that fight to be in the top five."
Gutierrez left Newcastle in unceremonious circumstances, winning a disability discrimination claim after an employment tribunal found he was no longer wanted 'because of his cancer'.
However, the former winger famed for his Spiderman celebration still retains fond memories of his time in black-and-white, and is now looking forward to a return to St James' Park.
Asked if he is planning a return to the city, Gutierrez added: "I hope so. Sooner or later, I will be back. Now, I think the energy is going to be different for the fans and the city.
"For me, it will really good to be back. I need to be back because it has been too many years. I wait for that moment, I know it will be special."
