Former England manager Terry Venables is the front-runner to take over as interim boss at Newcastle.
BBC Sport understands the St James' Park club has been in contact with Venables but no formal offer has been made as yet.
Radio 5 Live commentator Ian Dennis said: "Newcastle hope to make an announcement before the weekend."
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The Magpies, who were defeated 2-1 by fellow strugglers Tottenham in the Carling Cup, urgently need someone to bring stability to a club owner Mike Ashley wants to sell following fan protests over Keegan's departure as manager on 4 September.
The 64-year-old Venables has been out of work for nearly a year after he was sacked as assistant to former England coach Steve McClaren in November 2007.
Venables is a close friend of Magpies director of football Dennis Wise.
Since Keegan left the club over a dispute regarding control of player transfers, Newcastle have been in free-fall.
And following protests by supporters, billionaire Mike Ashley, who has pumped Ј250m into the club, decided to sell the troubled club.
Ashley has said he is unable to watch the Newcastle team due to fears over his family's safety.
"I'm now a dad who can't take his kids to a football game because I am advised that we would be assaulted," he said earlier this month.
Venables was England's coach between 1994 and 1996.
He made his name in management with spells at Crystal Palace and Queens Park Rangers before his exploits saw him appointed Barcelona coach.
He was dubbed El Tel and guided the club to a Spanish League title, a League Cup win and a European Cup final - which they lost on penalties to Steaua Bucharest - before being sacked in September 1987.
He took over at Tottenham later that year and won the FA Cup with the club in 1991 before taking a role upstairs as chief executive at White Hart Lane as Sir Alan Sugar took over the club.
But a deteriorating relationship between the two led to his acrimonious exit in November 1993, which saw matters end up in the High Court.
After a two-year spell as England coach which culminated in reaching the semi-finals of Euro 96, he had an unhappy spell as consultant and chairman of Portsmouth and failed in his attempts to lead Australia to qualification for the 1998 World Cup.
A foray back at Palace did not go well as the club found itself struggling for money and form.
Venables restored some of his ailing reputation when he was brought in as Bryan Robson's assistant at Middlesbrough and helped the club avoid relegation in 2000.
He did not stay at the Riverside long and went on to manage Leeds in July 2002 but left less than a year later as the club spiralled into financial crisis.
(BBC)
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