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Howe was in charge of Bournemouth for eight years
After Villarreal's Unai Emire rejected Villarreal's offers, Newcastle will be evaluating whether to make Eddie Howe, ex-Bournemouth manager, their next manager.
Two weeks after Steve Bruce left Newcastle, Emery and Howe became the frontrunners for his replacement.
They will review the situation before making a decision about Howe, as Emery was their preferred choice.
Graeme Jones could be retained in an interim capacity for Saturday's visit to Brighton.
Newcastle, which was beaten in 10 Premier League matches, had hoped that a manager would be appointed before the match.
Jones would be allowed to play a third round in the dugout, which would give the new owners an international break to search for a manager.
Roberto Martinez, Belgium's former coach, and Lucien Favre, the former Borussia Dortmund coach have been also considered. Paulo Fonseca, former Roma manager has held talks with Newcastle but has not heard back from them this week.
After Bournemouth's August 2020 relegation from Premier League, Howe was not in management.
The 43-year old is also familiar with Newcastle players Callum Wilson and Ryan Fraser. He was a Bournemouth manager who led the club from League One up to the top flight, where they stayed for five years.
