Villarreal manager Unai Emery confirmed he has received interest from Newcastle but is yet to have an offer.
The 49-year-old, formerly of Arsenal, is Newcastle's leading target as the new owners look to replace Steve Bruce.
Newcastle hope to appoint Emery as manager before Saturday's Premier League game against Brighton.
"If there is something more concrete I will talk with the president but right now I am working for Villarreal," Emery said on Tuesday night.
There is still work to be done on a deal with the Spaniard, whose contract with the La Liga club runs until 2023.