The Independent newspaper reports that the comments concerning Pardew's future were made in conversation with one of its reporters, with a lawyer for Ashley later stressing they were intended as a joke.
Mike Ashley: "He's got one more game.
"If we lose against Stoke on Monday night then he's gone. I have had enough.
"Dead. Finished. Over. One more game then that's it."
According to the newspaper, which said the discussion was held outside a London pub, Ashley added: "That's all I'm prepared to say about it and now that I've said it, it's out there. You can do what you want with it. There's only so much I can take."
Ashley's lawyer: "Mr Ashley responded, tongue in cheek, that Mr Pardew had two more games before being sacked.
"To put this into perspective, over the past few weeks certain reporters have stated that they believe that Mr Pardew has two more games before being sacked. Mr Ashley was therefore 'humouring' your reporter."
Pardew is two years into an eight-year contract with Newcastle.