NEWCASTLE UNITED are hoping to generate £10m from the sale of defender Sebastien Bassong who admitted he has opened negotiations with two Premier League clubs.

But if Mike Ashley is still in charge of the club on June 30, the owner will be forced to shell out £10m in end-of-season bonuses owed to the Newcastle squad despite their season ending in relegation to the Championship.

It would be another case of one step forward and two back for the owner who is expected to lose around £150m from the sale of the club.

Ashley is aiming to hand over ownership within the next couple of weeks after one of the consortia interested in taking charge at St James’ Park made a firm offer.

All four of the parties currently undergoing the process of due diligence ahead of a possible takeover are thought to have identified Alan Shearer as their preferred candidate to become manager.

But Shearer will have to start the season without last year’s player of the season after Manchester City and Tottenham Hotspur emerged as leading contenders for Bassong’s signature.

Shearer has targeted the 22- year-old centre half, along with Steven Taylor and Nicky Butt, as one of the players he wants to help spearhead the side’s promotion campaign next season. But Bassong has attracted interest from several Premier League clubs and Newcastle are ready to cash in on their most coveted asset who is rated in the £7m-£10m bracket.

Arsenal and Sunderland have been credited with an interest in the defender who’s admitted he’s in talks to leave the crisis club. “I have started to negotiate with two English clubs,” revealed Bassong whom the Magpies secured in a bargain £500,000 move from Metz last August.

First Artists, the agency tasked with the job of finding a new club for several of the Magpies high-earners are not operating on Bassong’s behalf.

Nevertheless, the Frenchman is unlikely to be lining up for the Tynesiders when they kick-off their league campaign at West Brom in eight weeks.

Man City are in pursuit of Everton’s Joleon Lescott but David Moyes is in no mood to do business despite Mark Hughes poised to offer £16m for the England international.

If the Toffees stand firm, City will switch their attention to Bassong who’s also on Harry Redknapp’s wish list.

The Spurs boss is keen to pair Bassong with former Magpie Jonathan Woodgate and will test Newcastle’s resolve with an initial bid of £7m.

While Bassong’s future lies away from St James’ Damien Duff’s position is less clear after Burnley boss Owen Coyle denied he was about to bid for the left-sided player.

“I had to laugh when I was away on holiday [and saw] we were linked with a couple of players who I had never even spoken to!”

declared Coyle. “I read a report linking us with Duff but he would be nowhere within our reach.”

In the meantime, former Newcastle boss Kevin Keegan is reportedly in the frame to make a return to management at former club Southampton. Keegan enjoyed two seasons on the south coast before signing for Newcastle in 1982.

The consortium of businessmen hoping to buy Southampton, fronted by Matt Le Tissier, has held talks with Keegan about taking on a role with the League One outfit.

Pinnacle Property Consultants has until today to complete a deal to save the debt-ridden club from collapse.