Ardiles had an unsuccessful period as the club's manager between 1991 and 1992, but hen asked if he would be interested in managing Newcastle again, said: "If that was to happen then I would be delighted, of course, but I don't think it will.
"I think whoever comes in will be looking for some other people, probably Alan Shearer because he is loved up there."
Ardiles spent 12 months at Newcastle before being replaced by Kevin Keegan after the club slipped towards the bottom of the old second division.
But he was only allowed to sign two players, as the club was in financial difficulties after backing Jim Smith's spate of signing over-30's players who failed to produce (Roy Aitken being the major flop) ... and both Ardiles signings David Kelly and Franz Carr were value for money.
Ossie took stick, but he lost all the 'big earners' in a club reshuffle that left his squad on the bare-bones.
Ossie Ardiles: "The chairman is trying to sell the club and the squad was pretty slim last season and it's even more slim now so they are in big danger.
"They need to sort out the political situation at the club. A chairman needs to come in and say this person is the Newcastle manager and take it from there.
"Mike Ashley needs to be decisive because at the moment the club is not stable and stability is the main thing that Newcastle needs right now."
Ardiles, whose most recent stint in management came with Paraguayan side Cerro Porteno, says he will return to management soon, preferably in England.
"There are a few things on the horizon.
"One could be the possibility of managing a team, maybe in England, or maybe abroad. It is something I am in discussions with about now. Things will happen in the next month.
"The offers I have at the moment are from abroad but in principle I would like England because England is the best place to manage a team."