Newcastle United's takeover appears to have been approved after Forbes Middle East published an article on Thursday claiming that the Premier League had given the green light to the £300m deal.

They claim that Saudi Arabia will own 80% of the Magpies and that they are 'likely' to spend on top talent to rival the likes of Manchester City.

PCP Capital Partners' Amanda Staveley and the Reuben brothers will take up the remaining 20% between them with an equal share each.

It remains to be seen whether the report is indeed accurate or when official confirmation will hit the press.

Mike Ashley has been in charge of the northeast giants for 13 years now and fans are very eager to see the back of him after several seasons of mediocrity which included two relegations to the Championship.

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And this is seen in their reaction to this latest report with many supporters drooling over the prospect that it is finally happening.

One member of the Magpies faithful described it as "scenes" whilst another ran with the running theme of "cans" that has been circulating social media ever since the news first broke.

Here's more of what has been said...

AND in other news, Paul Smith delivers encouraging Newcastle takeover update...