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Newcastle chairman Freddy Shepherd has hinted their top managerial target is currently working in the Premiership.

Birmingham's Steve Bruce and Aston Villa's David O'Leary have been touted as Sir Bobby Robson's successor.

"There is a legal minefield out there and we have got to observe all the rules of the Premiership," said a wary Shepherd on Friday.

Newcastle have denied speaking to Terry Venables while striker Alan Shearer says he is too young to take the job.

Shepherd added: "I know the fans are impatient. But I am as impatient as they are.

"But what I have got to do is what is best for Newcastle United, not what is best for my popularity.

"We don't want any knee-jerk reaction and we cannot rush into anything."

He said: "We are talking to everyone we are legally entitled to and those who we feel merit our consideration.

"What we must not forget is that it is the future of Newcastle United which is at stake here and the most important thing is that we get the right man."

We have got to observe all the rules of the Premiership. Freddy Shepherd

Venables was seen as a possible short-term appointment to groom Shearer in the role so he could take over after he retires at the end of the season.

But the former England striker has already told Shepherd that he believes he is not ready to take on such a high-level role.

"I went to see the chairman and simply told him I was too young and did not want to take on the manager's position," Shearer told The Sun.

"This is a huge club and a huge job and I do not think I am ready for it.

"I want to be a manager one day and if it was at Newcastle in the future then that would be great.

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"But I believe that is a long way off, if indeed it ever happens.

"It is flattering and humbling to be linked with such a big job but right now it is simply not for me."

Shearer wants to concentrate on his final season of playing before taking the rest of his coaching badges.

The Newcastle skipper, who has also signed a contract as a BBC TV pundit, had a close relationship with Venables during England's Euro 96 campaign.

Birmingham have been swift to deny that Bruce could be prized away from St Andrews.

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Aston Villa have also issued a hands-off warning to Newcastle, after reports suggested O'Leary could be heading for St James' Park.

Birmingham had earlier denied reports they would be willing to accept a compensation package to release Bruce, who recently signed a new five-year deal.

Bolton have already moved to signal their intention to keep hold of Sam Allardyce, while Middlesbrough boss Steve McClaren has ruled himself out.