"Newcastle United owner Mike Ashley is in talks with Anil Ambani, the sixth richest man in the world and head of Reliance Communications, India's biggest telecom company," the News of the World reported.

Newcastle is in the midst of a massive 260-million-pound takeover battle between Asia's two richest companies Reliance Communications and Singapore-based global investment company Profitable Group, it said.

"Singapore-based global investment company Profitable Group, which includes former England star Steve McMahon as a director, also want to buy Ashley out," the newspaper added.

Mike Ashley is willing to sell the club because of financial reasons. "The Newcastle chief admitted last month he is anxious to find investors to ease the financial burden," the British newspaper said.

Both Reliance and Profitable are ready to pay 260 million pounds to own the Magpies outright and are determined to spend more than 100 million pound on transfers to bolster the team, the report added.

Billionaire Ashley had bought Newcastle in July, 2007, for 130 million pounds and immediately pumped in another 80 million pounds to wipe out the debts.