Newcastle target Poch and Cavani

English Premier League

Newcastle United's prospective new billionaire owners are said to be targeting a new manager and a marquee signing that would shock Premier League rivals.

The historic English club formed 1892 looks set for a new dawn with paperwork for Mike Ashley's reign as owner set to be finalised by next week after reaching an agreement for sale on Monday.

Having last won the English top-flight in 1926, the Toon faithful have been starved of success in the modern era but the latest speculation brewing is likely to bring about optimism.

According to ESPN, the club are looking towards securing a high-profile manager to replace Steve Bruce, with Massimiliano Allegri and Mauricio Pochettino the priority targets.

Both would arrive immediately without hassle after Allegri left Juventus at the end of last season, while the Argentine was sacked at Tottenham in December.

Former head coach Rafael Benitez and Borussia Dortmund's Lucien Favre have also been reported as potential targets while several big-name players will also be apart of the reported revolution.

The report adds that Paris Saint-Germain all-time record scorer Edinson Cavani, who will be available on a free transfer would be the club's ideal marquee signing.

While Willian and Dries Mertens, both set to be out of contract at the end of the season, are also being considered for a potentially fearsome attacking trio.

Despite the ambitious plans, the £300-million takeover still needs to pass the Premier League's Owners and Directors test for the club to be officially transferred.