At least four consortia have been involved in serious talks with Seymour Pierce chairman Keith Harris, and two were believed to be seriously interested.
An American-based group was understood to be among the front-runners, but they seem to be having second thoughts having read the club's accounts.
Former chairman Freddy Shepherd is among the field, but there is still much ground to be covered from his point of view, because his offer of £60m was laughed at by Ashley.
Ashley has insisted he would accept the first viable offer at his asking price of £100m, and that means whoever puts the cash on the table will be handed the keys to St James' Park.
But relegation has halved the price of the club, with Ashley's decision to bring in the likes of Dennis Wise and Joe Kinnear backfiring.