Budding new Newcastle United owner Sheikh Khaled has contacted the Chronicle to confirm discussions with Mike Ashley.
But the Magpies are refusing to make a further statement.
However, the club have told us that the discussions are genuine.
The Bin Zayed Group emailed the Chronicle at 16:36 UK time to say: "In response to the numerous reports in the world media this morning, we would like to comment as follows, we can confirm that representatives of His Highness Sheikh Khaled Bin Zayed Al Nahyan are in discussions with Mike Ashley and his team, about the proposed acquisition of Newcastle United Football Club.
"We view it as an honor to have the opportunity to build on the strong support, history and tradition of the club.
"We have agreed terms and are working hard to complete the transaction at the earliest opportunity."
The fee that is believed to be on the table is £350million but Newcastle are yet to verify that.
