Who will replace him?
Newcastle captain Fabricio Coloccini was the favourite with the bookmakers until widespread reports ruled him out of the running.
Steve Bruce, who grew up as a Newcastle fan, has emerged as the favourite for the job over recent hours.
But his track record of late is not good.
The Hull City manager has endured a difficult season so far, with the Tigers – who he led to promotion and an FA Cup final in his first two years in charge – sitting just outside the Premier League’s relegation zone.
Tim Sherwood’s only senior managerial experience was his spell in charge at Tottenham Hotspur last season, which was rocky to say the least.
But Sherwood has a close relationship with former Newcastle striker Les Ferdinand, who was on his coaching staff at Tottenham, and that is a partnership which could be renewed when the ex-midfielder returns to management.
Tony Pulis was the initial favourite to succeed Pardew, but it does appear unlikely he will end up at Newcastle.
Of all the contenders Pulis is the least likely to be an Ashley 'Yes Man'.
Having done a superb job to lead Stoke City to promotion, keep them there consistently, reach the FA Cup final and impress in the Europa League, he was sacked in the summer of 2013, reportedly because of his style of play.
Last season, he kept Crystal Palace in the Premier League against all the odds, and his stock has rarely been higher.
Ally McCoist is the outside bet of the names involved here, and did have a very short time working under Ashley at Rangers.
Overall, McCoist’s record at Rangers looks decent in terms of his win percentage, but when you consider he has spent most of his time at the club in the bottom three tiers of Scottish football, that is put into better context.
Steve McClaren "The Wally With The Brolly" has tried to rebuild his reputation since his turbulent time as England manager, and has done a fine job at his current club, Derby County.
He has worked in the region before, as Middlesbrough’s manager, and although he has a big challenge on his hands to get Derby promoted, Newcastle could tempt him back to the North East.
But would the fans want him?
Ashley knows the next manager HAS to be a popular choice because of the mass banners and protests over the year.
Starting on the wrong foot could be a disaster.
But will he listen?