Bruce has won just two of his previous 18 Premier League games and as a result, the club are living dangerously outside the relegation zone.
While the final decision rests with Ashley, several supporters believe the Magpies head coach has run his cause on Tyneside and that change is vital to their survival hopes.
One of the names linked with potentially succeeding the former Manchester United defender at St James’s Park is Chris Wilder.
Alan Biggs, a columnist for our sister title the Sheffield Star, believes a move to the North East would appeal to Wilder.
However, Biggs says the 53-year-old wants to take a break from football first before returning.
"He's been linked with Celtic but I can't see that one. What I do see is either West Brom or Newcastle for sure,” Biggs told talkSPORT.
"I do know that in 2019 following Sheffield United’s promotion, Newcastle investigated the possibility of recruiting him but he stayed loyal and wanted to manage his team in the top-flight.
"I think it would appeal to him but I’m not speaking with any sort of knowledge of having discussed it with him but I think it would.
"Equally with West Brom, even in the Championship, the potential to take them where he wants to. I think either of those two is absolutely logical.
"From what I do understand, he wants to take a short break, he needs a short break.
"He’s an exceptional football manager who has worked 20 years without a break and has not actually been sacked.”
Here are the latest headlines surrounding Newcastle United and their Premier League rivals:
1. Iheanacho wants new Leicester deal
Kelechi Iheanacho has told Leicester City he is ready to sign a new long-term deal this summer as he enters the final year of his £60,000-a-week contract. (The Sun) Photo: OLI SCARFF
2. Arsenal consider Orsic swoop
Arsenal are considering a move for Dinamo Zagreb striker Mislav Orsic – the Croatian that scored a hat-trick to dump North London rivals Tottenham out of the Europa League earlier this month. (The Times via The Sun) Photo: DAMIR SENCAR
3. Arteta has 'no chance' of signing Odegaard
Mikel Arteta has no chance of signing Martin Odegaard on a permanent deal from Real Madrid , with the La Liga giants still viewing the Norway attacking midfielder as a key part of their long-term plans. (Marca) Photo: Dan Mullan
4. Solskjaer set for new Man Utd deal
Manchester United are set to reward Ole Gunnar Solskjaer with a new contract at the end of the season. The Norwegian is expected to see an uplift on his £7million-a-year salary. (Daily Mail) Photo: OLI SCARFF