Ossie Ardiles admits he would love the chance to manage Newcastle again, but concedes there is little chance of him re-taking the helm at St James' Park.
It was widely anticipated that Alan Shearer would return as Magpies manager to help guide the club back into the Barclays Premier League following their relegation last season.
Chris Hughton has remained in temporary charge since, however, despite Shearer's pleas to be re-instated on a permanent basis.
The managerial situation at Newcastle has been further complicated by the protracted sale of the club by owner Mike Ashley, who is keen to sell the club but has so far not found anyone willing to meet his £100m asking price.
Ardiles had an unsuccessful period as the club's manager between 1991 and 1992, but hen asked if he would be interested in managing Newcastle again, said: "If that was to happen then I would be delighted, of course, but I don't think it will.
"I think whoever comes in will be looking for some other people, probably Alan Shearer because he is loved up there."
Ardiles spent 12 months at Newcastle before being replaced by Kevin Keegan after the club slipped towards the bottom of the old second division.
The club began their most recent spell in the second tier of English football with a creditable 1-1 draw at West Brom on Saturday.
Ardiles warned, however, that the ownership of the club must be sorted out soon or else they could risk falling into further turmoil.
"The chairman is trying to sell the club and the squad was pretty slim last season and it's even more slim now so they are in big danger," the World Cup winner told Press Association Sport.
"They need to sort out the political situation at the club. A chairman needs to come in and say this person is the Newcastle manager and take it from there.
"Mike Ashley needs to be decisive because at the moment the club is not stable and stability is the main thing that Newcastle needs right now."
Ardiles, whose most recent stint in management came with Paraguayan side Cerro Porteno, says he will return to management soon, preferably in England.
"There are a few things on the horizon," the former Tottenham player said.
"One could be the possibility of managing a team, maybe in England, or maybe abroad. It is something I am in discussions with about now. Things will happen in the next month.
"The offers I have at the moment are from abroad but in principle I would like England because England is the best place to manage a team."