Manchester United manager Louis van Gaal has refused to rule out the possibility of signing goalkeeper Victor Valdes.
Manchester City boss Manuel Pellegrini says he is confident that England goalkeeper Joe Hart will sign a new contract.
Joe Kinnear will meet with Newcastle manager Alan Pardew as soon as possible after confirming his return to the club as director of football.
The 66-year-old, who managed the club between 2008 and 2009, has signed a contract reportedly for three years to work alongside Pardew.
And having not yet spoken to the manager, he hopes to address that at the earliest opportunity to plan for the season ahead.
"Alan's aware of the situation," Kinnear told Sky Sports News. "I'm hoping to meet Alan sometime tomorrow to go through the team itself and where it's glaringly clear we need to be improve.
"That will be my job, to find and buy these players. I'm not picking the team, that's what the manager gets paid for. I'm there solely to see he gets the best possible team on the pitch.
"The tactics are down to him; if he wants my ideas, he can ask for them.
"I've already had two days with Graham (Carr, chief scout) and I intend to see him on Thursday morning.
"Between the three of us we will sit down and iron it out, if those two decide a player is not any good I'll listen - it's not a case of 'like it or lump it'."
Kinnear's departure from the club four years ago was down to health issues but he insists he is now fit and ready to return to the Barclays Premier League.
The former Wimbledon and Nottingham Forest boss suffered a heart attack before a game against West Brom in February 2009 and, with United favourite Alan Shearer taking charge for the remainder of the season, Kinnear left the club at the end of his contract in May of that year.
But he said: "I'm as fit as a fiddle now. I'm absolutely delighted with the situation.
"I've been working out in the gym, I go for long walks, I've lost lot of weight - I'm in the best physical shape I've ever been.
"I've been waiting for the opportunity to come back. I have turned down managerial jobs in the lower leagues, because I felt I'd gone past that and I wanted to get my teeth into something in the Premier League."
Newcastle were relegated that season but Kinnear was keen to absolve himself from blame.
He said: "When I took over we were third from bottom, we were lying 12th when I had my heart attack and we were flying - you could get a million to one on that we were staying up.
"I had the heart attack, I don't really like talking about it, and from there we got relegated. I think the people in and around that club were trying to implicate me in the fact we got relegated when actually it was a load of crap.
"If I'd still been there that would never happened - just for the record, I've never been manager at a club that's got relegated."
Kinnear's spell as manager was marked by a strained relationship with the media, starting with an expletive-laden press conference shortly after his arrival.
He was also targeted as one of what United fans referred to as the 'Cockney Mafia' in charge of the club, along with Ashley, fellow director Derek Llambias and Dennis Wise in the unconventional role of 'executive director (football)'.
Kinnear said: "I love being back up in Newcastle, irrespective of the situation I had with the media.
"I'm one of those fellas that has to speak my mind, I'm not one that holds back - if I've got something to say, I'll say it.
"The disappointing thing, that I didn't realise when I was up there but now I'm aware of it, is that Geordies are Geordies. They want people from that area to work for that club.
"But you've got numerous international managers from all parts of the world. Would Newcastle object to somebody coming in who was Spanish, or something like that? I don't know.
"Because I wasn't a Geordie, for some reason that went against me - because my record speaks for itself, it's there for everybody to see.
"But I got over that, I maybe reacted a little bit over the top but half of the stuff that was written was very disappointing.
"It's all water under a bridge, it's all finished now."
Joe Kinnear factfile:
1946: Born in Dublin, December 27.
1965: Joins Tottenham from St Albans City. Wins the FA Cup once in 1967 and the League Cup twice in 1971 and 1973 in a 10-year spell at White Hart Lane.
1975: Joins Brighton.
1977: Career is ended by a knee injury after winning 26 caps for Republic of Ireland. Has a five-year spell in Dubai managing Sharjah and Al-Shabab where he works with Dave Mackay. Also spends three months in charge of the India national team and later returns to England to join Mackay at Doncaster. Becomes manager when Mackay leaves for Birmingham, but is later replaced by Billy Bremner.
1991: Offered the chance to join Wimbledon as reserve-team coach.
1992: Appointed manager of the Dons with the club bottom of league with 12 games to go. Wimbledon finish 13th and Kinnear lands a five-year contract.
1997: Takes Dons to the semi-finals of FA Cup and League Cup.
1999: March 3: Rushed to hospital after suffering a mild heart attack at Hillsborough prior to Wimbledon's game at Sheffield Wednesday.
June: Stands down as Dons boss due to ill health.
2000: Declares his interest in the vacant manager's job at Fulham following sacking of Paul Bracewell.
2001: February 7 - Appointed director of football at Luton.
2002: After being unable to keep Luton in League One, guides them to promotion from League Two at the first attempt.
2003: May 23 - Leaves Luton after helping them finish ninth in Division Two.
2004: February 10 - Appointed manager of Nottingham Forest.
May - Guides Forest to 14th in Division One in the league after a great run of form.
December 16 - Resigns as Nottingham Forest manager.
2008: September 26 - Appointed as Newcastle interim manager until the end of October.
October 2 - Delivers an expletive-packed press conference ahead of first match in charge of Newcastle, with a fierce attack on journalists he believes were ridiculing him and trying to undermine his position.
November 22 - Having had his stay extended in October, Kinnear is given another month in charge.
November 27 - Charged with improper conduct by the Football Association after branding Martin Atkinson "a Mickey Mouse referee" following Newcastle's 2-1 Barclays Premier League defeat at Fulham on November 9.
November 28 - Newcastle confirm Kinnear will remain in charge for the rest of the season.
December 8 - Charged by the FA with using abusive and insulting words towards a match official during the 2-2 Barclays Premier League draw with Stoke on December 6. Kinnear had been ordered from the bench by referee Mike Riley after he contested the free-kick from which Stoke scored their injury-time equaliser.
December 28 - Newcastle are thrashed 5-1 at home by Liverpool.
2009: January 16 - Claims he has been offered a "very lucrative" contract to stay at Newcastle beyond end of the season.
January 29 - Charles N'Zogbia claims he has been "insulted" by Kinnear, who pronounced his surname as "Insomnia" in a post-match interview, and vows never to play for Newcastle again. Kinnear claims he was simply "tongue-tied". N'Zogbia leaves the club to join Wigan days later.
February 7 - Admitted to hospital prior to Newcastle's 3-2 victory at West Brom after complaining of feeling unwell.
February 11 - The club announce Kinnear needs heart bypass surgery.
February 12 - The club confirm Kinnear's surgery will take place on February 13, with assistants Chris Hughton and Colin Calderwood to take temporary charge of first-team affairs.
March 20 - Kinnear, following a triple bypass and now fitted with a pacemaker, says in a newspaper interview that he is targeting a return to is job by the end of April.
April 1: After Kinnear's return fails to materialise, Alan Shearer is named Newcastle manager until the end of the season, but fails to save the club from relegation.May 30: Kinnear's Newcastle contract officially expires.
2013: June 16 - Confirms he has signed a deal to return to Newcastle as director of football on a reported three-year deal.