Amanda Staveley is understood to have made a formal offer to buy Newcastle United from Mike Ashley.

It remains unclear as to the scale of the bid with sources on both sides refusing to confirm reports that it was for £300 million.

It is understood, however, that the figure is in the “ball-park” of what has been offered for the Premier League club although whether it is enough to persuade Ashley to sell remains to be seen.

Staveley, a financier who runs PCP Capital Partners, is not thought to have a deal agreed yet and has not entered into an exclusivity over the purchase of Newcastle with Ashley. She quickly emerged as the favourite to buy the club once it was publically put up for sale by the Sports Direct founder earlier this season.

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Announcing his intention to sell the club last month, lawyers for Ashley said he hoped to finalise the sale by Christmas, although it remains possible that the process could slip into the new year.

The bid from PCP is believed to have been made late last week and the money is a combination of Staveley’s equity and that of her major investors, which include funds based in the Middle East where she has influential contacts. She was previously involved in the purchase of Manchester City by Sheikh Mansour and has also attempted, on two occasions, to broker deals for Liverpool.

It remains to be seen whether this opening bid is large enough offer to persuade Ashley to sell, particularly as he values the club closer to £400m and has made that clear throughout the negotiations.

In turn, Staveley stated early on in the talks that she was willing to offer £300m to get a deal done quickly, but it was not a figure Ashley agreed with and sources close to the deal had actually played down the chances that an agreement would be reached before news of this formal offer leaked out.

It could well be that Staveley will have to make an improved second bid this week and it is understood Ashley is willing to compromise to get a deal done, but he will not sell on the cheap.

After 10 years on Tyneside, the sport shop billionaire is genuine in his desire to sever ties and believes Staveley has the financial backing to transform the club if he sells it to her for, what he considers to be, a fair price.

Staveley attended Newcastle’s league match at home to Liverpool earlier this season after which her interest was stepped up.

Manager Rafael Benitez is desperate for the club’s future to be decided in time for the opening of the January transfer window and it is understood that Staveley will make funds available to him should she acquire Newcastle by then.

Staveley’s strong track record in both finance and football has encouraged Newcastle's supporters that her potential arrival will herald a new, exciting era at the club where Ashley has proved to be hugely unpopular.

Staveley has been looking to buy a football club for some time and is believed to regard Newcastle as having significant untapped potential.