With the recent and planned investment in the team Sir Bobby has his eyes firmly on a top two finish, while Shola believes the Premiership crown is a possibility.
"We had a good season last time out and I think we have made some indentation and we hope to do even more next season," Sir Bobby told the Evening Chronicle.
"We must not let them get away from us and run away from us, but they are very powerful - they are the two pillars of the Premier League. There is no doubt about that. It's up to the rest of us to challenge them, but it's not easy to do that.
"If you are running against someone who can do a sub-four minute mile and you cannot, then they are going to win all the time. All you can try to do is play catch-up and that's what we've got to do.
"That means more time, more patience and a bit more investment, but as you invest so do they to keep ahead of the field - they have been doing that for years. All we can do is keep trying and we will do that.
"Two seasons ago when we were top of the league they overtook us in the end, and they got away from us last time as well. We have to keep getting ourselves into a position where we can challenge them."
And ahead of a big season for him personally, Shola added: "At the end of the day, every team in the league wants to win the title and we’re no exception. We wanted to win the title last season and that’s where we want to be this season.
"That’s what we’re in this for and without exception, we want to win it. Getting third spot last season was massive for Newcastle United. We’ve now done that and it’s exciting times for the club.
"We have a very young squad. The manager has put a squad of good players together, and in seasons to come, we can challenge for the title. That’s what we’re aiming at, improving on last season."
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