Former Toon boss Kenny Dalglish was sacked after the conclusion to last season.
Wigan's Roberto Martinez had been the front-runner for a long time only for Swansea's Brendan Rodgers to take over as the bookmakers' favourite overnight.
The pair have been the two main candidates throughout the process over the last fortnight of whittling down potential contenders.
Both Martinez and Rodgers returned to Britain in the last 24 hours after trips across the Atlantic.
Swansea stress they have received no second approach from Liverpool - Rodgers having turned down their initial advances almost a fortnight ago.
However, despite suggestions elsewhere that Rodgers had already been offered the Liverpool job the club refused to comment officially on their manager's position.