Rangers boss Steven Gerrard was an early favourite after the Saudi-led consortium gained control of the Premier League side.
The change at the top prompted an outpouring of delight amongst Newcastle fans with Mike Ashley being deposed as owner.
It is expected that Steve Bruce will be relieved of his duties this week as with the new owners set to invest heavily in the team.
Gerrard, who is aiming to win his second Premiership title with Rangers, is a big name and his appointment would raise eyebrows but his odds have drifted to 10/1 having been slashed on Friday.
Instead, Lucien Favre is the strong favourite, his odds being cut to 2/1.
The Swiss manager was most recently in charge of Borussia Dortmund.
Other names touted include former Celtic boss Brendan Rodgers, ex-Motherwell midfielder Roberto Martinez and Antonio Conte.