The businessman had shares in the club until 2017 and his involvement prompted protests.
He could be about cross path with the club once more with Steven Gerrard reportedly on a shortlist of candidates proposed to take over from Rafa Benitez at Newcastle.
The Spaniard will depart St James' Park on 30 June once his contract expires after he couldn't agree a new deal.
It has prompted much speculation over his replacement with Jose Mourinho's name mentioned.
However, according to the Daily Telegraph's Newcastle United reporter Luke Edwards the club are keen on a younger coach.
Gerrard's name features on a shortlist which includes former Rangers midfielder Mikel Arteta and Arsenal legend Patrick Viera, as well as Bournemouth boss Eddie Howe.
Gennaro Gattuso and Giovanni van Bronckhorst have also been suggested.
On Thursday Derby County owner Mel Morris shot down speculation linking the Rams with a move for Gerrard as "absolute rubbish".
The Rangers boss would encounter a difficult environment at Newcastle with a lack of control over transfers it is understood, while the club are currently up for sale.
The Sheikh Khaled is still in the process with negotiations taking place.
Gerrard is with the Rangers squad at their pre-season training camp in Portugal and has recently reaffirmed his commitment to the club.