Alan Shearer is to be appointed Newcastle manager until the end of the season, the BBC and Sky Sports both reported on Tuesday.
The 38-year-old-former Newcastle and England striker has been repeatedly linked with a return to his hometown club and he has, on several occasions, expressed an interest in becoming a manager.
Chris Hughton is currently in caretaker charge at St James' Park while Newcastle manager Joe Kinnear recovers from a triple heart bypass operation.
Shearer, now a television football pundit with the BBC, turned down the chance to join Premier League strugglers Newcastle as a coach in November.
Sky said Shearer, who ended his playing career with the Magpies in April 2006, was due to be formally unveiled as Newcastle's manager on Thursday.
If that was the case, his first game in charge would be Saturday's home match against Chelsea.
North-east side Newcastle are currently third from bottom, two points shy of safety, and have eight league games left this season in which to preserve their top-flight status.