Late on Sunday it was claimed Khaled’s Bin Zayed Group had agreed terms with Mike Ashley to end the Magpies owner’s turbulent 12 year spell in charge on Tyneside.
However, there has been a growing sense of cynicism about the reports in the 24 hours since they first emerged.
On Tuesday it was claimed the deal is not as close as originally reported and that Sheikh Khaled has not provided proof of funds for his proposed takeover.
The Sheikh has previously failed in an attempt to buy Liverpool for £2billion, where he also failed to provide proof of funds.
After four unsuccessful takeover bids in 11 years, Newcastle supporters are harbouring huge hopes that the time has finally come for Mike Ashley to leave their beloved club.
But Craig Hope, North East football correspondent for the Daily Mail, has told talkSPORT there is a huge amount of scepticism about whether the deal will happen.
And there are even suggestions that Sheikh Khaled is not related to Manchester City owner Sheikh Mansour, as he claims.