Former Blackburn Rovers boss Graeme Souness admits he would return to St James' Park "in a heartbeat".
Harry Redknapp turned down the role following Sam Allardyce's exit - and Newcastle have been told by Portsmouth they will be wasting their time making any more bids for the 60-year-old.
But Souness, who endured a difficult spell from 2004-06 as Magpies boss under Freddy Shepherd, admitted he would be happy to return to Tyneside under new owner Mike Ashley and chairman Chris Mort.
Asked if he would be interested in going back, Souness said: "With there now being a different chairman, most certainly."
When pressed on whether he would take the job if it was offered to him, he added: "In a heartbeat. It is a big club, one of the big clubs."
"It has got the potential to be one of the best. But it's not a quick fix, and whoever goes in there is going to need certainly a minimum of three or four years."
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