The multi-millionaire wants to bring back the days of success at Ibrox and already owns a seven per-cent stake in the club.
The 49-year old feels there could be money to be made as Rangers have retained a loyal fanbase.
BUT ... he cannot (by FA rules) own two clubs, so Newcastle fans could get their wish and see the club put on the market for a cut price fee.
Toon fans desperately want to see him sever all ties at St James' Park.
The 'Mike Ashley Out' campaign even held an open top bus protest through the city centre before they were soundly beaten 4-0 by Manchester United.