There had been growing reports that Alan Pardew would be sacked by Ashley following fan protests and a disappointing second-half of the season.
But it is now believed that Ashley is to hand Pardew the chance to rebuild a side capable of challenging for a Europa League spot for the entire campaign next year.
An official announcement of Ashley’s decision to stick with Pardew is expected within the next few days and is hoped to be followed up with the announcement of at least one or two new arrivals before the start of the World Cup next month.
Pardew is hoping to complete a deal that will see Loic Remy make his loan move permanent in the summer, while interest in Montpellier forward Remy Cabella, Swansea’s Jonjo Shelvey and Villa’s Fabian Delph hots up.
Meanwhile, the Magpies have been handed a transfer boost after Hertha Berlin striker Pierre-Michel Lasogga has revealed he wants a move to St. James’ Park this summer, with the 22-year-old expected to be available for around £8million.