Shearer awaits Newcastle decision

Shearer could not keep Newcastle in the Premier League last season

Former Newcastle and England striker Alan Shearer hopes to discover whether he will be named as the club's full-time boss "by the end of the week".

Shearer took temporary charge of the Magpies with eight games remaining of the season but could not prevent their relegation to the Championship.

And the 38-year-old has been in talks with owner Mike Ashley about taking on the role in a full-time capacity.

"I hope to know more by the end of the week," said Shearer.

Following those talks with Ashley and managing director Derek Llambias reports had emerged that Shearer had been seeking a £3m annual salary and a multi-million pound transfer budget.

I fully understand Mike Ashley's decision to sell the club Alan Shearer

But in a statement released on Monday, Shearer denied making any such demands.

"I met Mike Ashley and Derek Llambias last week and we discussed at length the future of Newcastle United and my desire to be the manager moving forward," said Shearer.

"I made no demands but there were obvious conditions. We simply proposed an honest evaluation of what was needed to get the club back into the Premiership whilst building solid foundations for the future."

606: DEBATE With the mess the club is in I really can't see any manager making a success of leading the Toon next season Obi Wan Toon-obi - Return Of The Geordie

Owner Ashley, who bought Newcastle in 2007 for £134.4m, has put the club up for sale for a second time and apologised to fans for his "catastrophic" reign in charge of the club.

Ashley is thought to be willing to accept about £80m for the club as he looks for a quick sale.

And Shearer, who won just one of his eight games in charge of Newcastle last season, admitted he appreciated Ashley's decision to move on.

"I fully understand Mike Ashley's decision to sell the club as he feels it's now in the best interest of the club and the fans," said Shearer.