Andy Cole delivers Newcastle United transfer verdict as owners target Champions League football and trophies

The club signed five players at a cost of more than £80million in January in an attempt to stave off the threat of relegation.

United’s signings have all made an impact, and the club is 10th in the Premier League ahead of Sunday’s game against Manchester City at the Etihad Stadium.

The club, 80%-owned by Saudi Arabia’s sovereign wealth fund following a takeover last October, is now identifying targets for the summer transfer window.

And former Newcastle striker Cole said: “It’s certainly going to be an interesting watch to see what Newcastle do in the summer. “Of course, they’re going to go again in the transfer market. That's why the new owners bought the club, and it’ll be interesting to see what kind of players they can entice there.

“I don't think they are going to rest on their laurels. But, with Newcastle, things are going to take a little bit of time. They won't be able to run before they can walk.

“They have a hell of a lot of money, but they must try to get the right players there to propel them forward.

“Regardless of how much money the owners have, to be competing to try and win the Premier League – along with the Champions League – doesn't happen in one season. That's impossible. We still have to wait and see what the Newcastle project is.”

Cole, signed by then-United manager Kevin Keegan in 1993 for £1.75million, has praised the job done by Eddie Howe since he was appointed last Novembedr.

“You'd have to be happy with the job Eddie Howe has done at Newcastle,” Cole told Bookmakers.com.

“He's gone there and got them out of the relegation fight. But they were also the only club in the division that could have gone out and spent £90million.

“However, he’s brought in players that have helped to get them out of the position that they were in. The question is, next season, will some of those players be able to bring Newcastle to the next level? We will have to wait and see.”

Cole added: “Come next season, though, the expectations are going to be much higher than they are now.”