Moat's offer, which is understood to include significant financial backing from American parties, is due to be named as the preferred bid by merchant bank Seymour Pierce in the next 48 hours.
But it is thought it could be £20m BELOW Ashley's £100m asking price, which puts the ball back in Ashley's court.
The owner insists he will not take any less, but the pressure is mounting on the Spurs fan ... as tempers are reaching boiling point on Tyneside.
He knows he dare not set foot in St James' Park on a match day, as the fans are already organising protests for the home game with Reading.
If the bid is turned down, Ashley is expected to take the club off the market, and with talk of a return for the unpopular Joe Kinnear ... we are in turbelent waters.
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Nevertheless, sources close to the deal last night indicated this was a significant breakthrough in the sale process and may signal the beginning of the end of a sage which has plunged the club into crisis following relegation to the Championship back in May.
Moat will look to appoint Alan Shearer as manager as soon as a deal is completed and, given the turmoil at St James's Park and the severe damage that has been done as the sale has dragged on into a fourth month, Ashley will be under enormous public pressure to accept the offer and bring an end to a dreadful chapter in the club's history.
Shearer has almost certainly been aware of Moat's interest for several weeks as the businessman was chairman of his testimonial committee and is a prominent box holder at St James's Park.
Shearer, who is on holiday in Portugal, was unavailable for comment although sources close to the former United skipper insisted he was "relaxed" about the situation.