Mike Ashley, the embattled owner of Newcastle United, could be offered an early opportunity to follow Kevin Keegan out of St James’ Park after it emerged that there is fresh interest in the Tyneside club from abroad.

It is becoming increasingly likely that Reliance Communications, the Indian-based telecoms giant, will seek formal talks with the Barclays Premier League club’s board with a view to a £220 million takeover. However, of greater significance to those furious Newcastle supporters determined to oust Ashley is the revelation that Anil Ambani, the owner of Reliance, has identified Keegan as the only credible managerial candidate capable of moving the club forward.

Less than 24 hours after Keegan announced his departure from St James’ Park as manager for the second time, the odds on him being reappointed had fallen to 14-1. Ambani is a great believer in continuity and his representatives are aware of the standing of the so-called “Geordie Messiah” among the club’s supporters. He was first linked with a buyout of Newcastle last month, but his representatives denied suggestions of a £260 million move. It is understood that Ambani balked at that price because Newcastle had failed to strengthen the squad.

However, Reliance has followed developments at the club and the team that it assembled to investigate the viability of a bid believes that the time is right to test Ashley’s resolve. Aware of the vitriol aimed at Newcastle’s owner by fans who feel that Keegan is an innocent victim of mismanagement, the Indians are ready to move fast with an offer that more realistically matches their assessment of the club’s value. Ashley paid £130 million for Newcastle in July 2007 and wiped out debts estimated at £80 million, but rumours persisted that the businessman was seeking a sale after becoming disillusioned with his investment.

Highly placed sources suggest that Reliance and others were invited to bid in excess of £250 million for Newcastle this summer. Those sources said yesterday that Ambani was ready to revive interest in his favourite Premier League club, with Keegan at the centre of an ambitious public-relations policy aimed to get disillusioned season ticket-holders and deserting businesses back on board.

Ambani will appeal to Newcastle fans, who crave serious investment in the team come January. The world’s sixth-richest man boasts a fortune of £21 billion and it is understood that Keegan, should he be persuaded to return for a third term as manager at St James’ Park, would be handed at least £100 million to strengthen the squad in the new year.

The supporters’ mood was not helped yesterday when Alan Shearer ruled himself out of involvement with the club. The former club captain said: “I would like to be a manager at some stage in my career, but that means controlling the players that go in and the players that go out.

“I don’t think I would be comfortable working within a structure with a director of football who was picking and choosing the players for me.”