Ashley, who is set to take full control of United, wants friend and neighbour Dein to run the club in a more professional manner than Shepherd has been in recent years.
Shepherd Replacement Named
Dein is the man who took Arsene Wenger to Arsenal in 1996 and he has spent 24 years with the Gunners.
As well as establishing Arsenal as a formidable force on the pitch, he became vice-chairman of the FA, before representing the Premier League on the FA board.
However, if Dein was to take charge of Newcastle, it would place a further question mark against the future of new United boss Sam Allardyce.
During his days at Bolton, Allardyce was fiercely critical of Dein's influence within football.