Sheffield Wednesday: Newcastle United ready 'official approach' for Owls boss Steve Bruce and are 'willing to pay compensation'

Reports emerged yesterday showing that the former Hull City boss had become the bookies' favourite to land the job, before Sky Sports claimed that Newcastle were indeed interested in the manager.

Last night, Bruce quashed the rumours linking him with a Hillsborough exit, and told the Star: “It's new to me. God only knows what happened on Tuesday afternoon. There seemed to be an upsurge (in the betting) from somewhere.

“John Terry was favourite (for the job) yesterday. It was Mikel Arteta the day before so who knows. As far as I am concerned, I am here, I am going home tomorrow and looking forward to walking the dog!"

Now, the Sun have claimed Newcastle are preparing an official approach for Bruce, and are willing to meet the compensation fee required to bring him to St. James' Park – a figure likely to be less than £1 million.

The report claims that a host of targets have turned down the opportunity to manage the Magpies, including the likes of former Arsenal ace Patrick Vieira, and ex-Wigan boss Roberto Martinez, leaving Bruce as the number one candidate.

Of course, the Magpies could well be preparing an offer, but there's a number of reasons why Bruce would reject it; the club remain in a state of uncertainty, with controversial owner Mike Ashley still yet to find a buyer, and the Owls manager has repeatedly stated he has no intentions of prematurely ending his project and Hillsborough.

Furthermore, the 58-year-old has put in a considerable amount of work into the Owls' pre-season preparations, and it would certainly be an unusual move to shelve all his efforts with less than a month to go until the new Championship season begins.

Of course, the allure of managing the Magpies – Bruce's boyhood club – could prove an irresistible temptation, but for the time-being, he appears to be uninterested in the vacant position.