Newcastle have announced they are yet to accept any takeover bid.
Reports in Friday's newspapers claimed American financiers Polygon and the United Bank of Switzerland (UBS) had succeeded with a joint £227m bid.
But a Newcastle statement said: "The board wishes to clarify that it has not accepted any proposals nor is any due diligence being conducted.
"There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made."
According to BBC sources, UBS pulled out of the deal to scupper the takeover.
The Magpies have been the subject of takeover rumours for some time.
Jersey-based investors, The Belgravia Group, appeared to be leading the chase after opening talks with the club over the summer.
However, the Daily Mail reported on Friday that Polygon and UBS were poised to complete a takeover.
That led Newcastle's share price to rise by 8% but the club are adamant that they are no nearer to finding a new owner.
Six of the Premier League's 20 clubs have foreign owners - Chelsea, Manchester United, Portsmouth, Aston Villa, Fulham and West Ham.
Liverpool have announced they are in "exclusive negotiations" with a Dubai-based consortium for a possible takeover.