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Newcastle United chairman Freddy Shepherd intends to convince Martin O'Neill to take on the manager's job with the promise of a £30 million transfer pot.
The News of the World says Shepherd will move for O'Neill this week as a replacement for Graeme Souness, who was sacked on Thursday.
Shepherd's No1 choice, England boss Sven Goran Eriksson, is unlikely to decide on his future until after the World Cup.
A Newcastle source said: "Martin will be approached this week about whether he'll move to Newcastle. The club hope he will accept the offer but everything is still up in the air.
"However, Freddy will make it clear funds will be made available to bring in the players he wants."
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