The Nigerian consortium looking to buy Newcastle United are hopeful they can make an announcement over their proposed deal by Saturday.

Magpies owner Mike Ashley is desperately looking to sell the troubled North East giants after he was condemned by the club's fans for his handling of the Kevin Keegan saga, which eventually saw Keegan quit the club earlier this month.

London-based investment bank Seymour Pierce have since been appointed to handle the sale.

A spokesman for the group, leading English-based agent Chris Nathaniel, confirmed that they hoped they could soon make an announcement about a possible deal.

"All I can say is that we have made contact with Newcastle," Nathaniel told Sky Sports News.

"The Nigerians are very serious and very resourceful and we will make an announcement in the next 48 hours.

"I won't comment on the circumstances at Newcastle, but they are a fantastic club and should be reaching further heights than what they are."

Nathaniel also confirmed that the consortium could very well bring Keegan back to the club, something which the fans are keen on.

"He would be fantastic, a great manager and a great guy," he added.

Newcastle, who face Blackburn on Saturday looking to avoid a fourth defeat in a row, are also holding talks with Terry Venables about becoming their caretaker manager.