It's looking unlikely that Steve Bruce will be handed much in the way of a budget, and will need to be thrifty in the market and perhaps look further afield to secure for quality players on bargain deals.
Meanwhile, as the managerial merry-go-round continues, ex-footballer Jamie Carragher has claimed former Magpies boss Rafael Benitez would be an ideal candidate for the vacant Everton job, and argued: “Of the names instantly linked with Everton as the Ancelotti news broke, who is more qualified than my former Liverpool boss Rafa Benitez?
“Rafa is available, settled in the area and I am sure he is ready if (Farhad) Moshiri is prepared to consider one of the more shocking managerial appointments in Merseyside football history.
“At the very least, Benitez should be under consideration as Moshiri begins yet another managerial quest. And not for the first time, before the owner decides the right candidate, he has to be clear of the football direction he wants to take.
“With Ancelotti, Everton pursued the tried-and-tested, proven experienced manager and stellar name. If that is what Moshiri still wants, Benitez is an obvious candidate.”
Here are today's biggest transfer stories and the latest team news involving Newcastle United and the rest of the Premier League, as the reaction to last season and the build-up to summer transfer window continues:
9. Hammers leading race for the Ox
West Ham have emerged as the new favourites to sign Liverpool midfielder Alex Oxlade-Chamberlain, ahead of Newcastle United. The £35m man looks set to leave Anfield in search of regular first team football, after battling back from an injury setback. (SkyBet) Photo: FERENC ISZA
10. Top sides jostle for Celik
Arsenal, Spurs and Man Utd have all been credited with an interest in Lille full-back Zeki Celik. The 24-year-old played a key role in his club's shock Ligue 1 title win last season, featuring in 29 league games. (Mirror) Photo: Dean Mouhtaropoulos