Newcastle United owner Mike Ashley has begun his search for a new manager as Alan Pardew closes in on a move to Crystal Palace.

Pardew's departure is understood to be imminent after reports surfaced that the two clubs had agreed compensation, with the Eagles rumoured to have offered him a four-year deal.

A number of names have been linked with the post at St James' Park, including club captain Fabricio Coloccini, who has reportedly ruled himself out of the job.

Tony Pulis, Tim Sherwood and Nigel Worthington are also understood to be out of the running, while Ajax boss Frank de Boer is another who has made his lack of interest known.

Derby County manager Steve McClaren, Hull City boss Steve Bruce and Saint-Etienne's Christophe Galtier are all thought to be candidates, though.

Assistant manager John Carver and first-team coach Steve Stone are expected to handle first-team duties for the New Year's Day match against Burnley.