Newcastle United Supporters Trust (NUST) kicked-off a six-week promotional campaign to try and raise the funds to buy out Mike Ashley.
The Chronicle understands around 3,000 people have indicated they would make pledges of £1,500, which makes a total of at least £4.5m.
And it is understood a further £15.5m has been guaranteed through people agreeing to put £25,000 of their pension fund into the pot.
Former Liverpool supporter Mark Jensen (spokesman for the trust) said: “‘We’re really pleased that the club’s supporters have backed the Yes We Can campaign in such massive numbers.
“We are in week three of a six-week campaign and we’ve passed a very important milestone.
“We have indicated in the past that we’ve been in talks with serious financial organisations and individuals in the city of Newcastle and London, and it is clear that there is a consensus that fans should lead any attempt to reclaim their club.
“We’ve been set a target for fans’ interest and we’re already halfway past it.
“In addition, the Trust has picked up more than 1,000 new members.
“We can reveal that we’re in discussions with the interested parties about next stages and the feasibility of the Trust’s aim of fans at the top table.
“We’ve talked about the logistics and the Trust has appointed ‘partners’ to represent the interests of the Trust and the supporters.
“What we need is for supporters to back the idea and principle of YWC and demonstrate to the interested parties that we have an appetite to be part of an exciting new era in our club’s history.
“From today, pubs and some shops in Newcastle will stock postcards and interested fans can sign up by card and back Yes We Can and send a message to interested parties that the fans are in this together.
“I’m sure supporters will understand the need for confidentiality around aspects of any future moves, but by signing up to YWC they are potentially helping reclaim their club.”