Crisis club Newcastle court Venables

(CNN) -- Former England manager Terry Venables is reported to be weighing up an offer from crisis club Newcastle to take charge on a temporary basis.

Venables has met owner Mike Ashley and the club's hierachy and was locked in a second round of talks in London on Thursday.

Newcastle's need to appoint a manager, if only on a short term basis, was drawn into sharper focus by their 2-1 League Cup home exit to Tottenham on Wednesday night, watched by their lowest crowd for many years.

Ashley, who is trying to sell the Premier League club in the aftermath of the damaging exit of Tyneside hero Kevin Keegan, turned to the 65-year-old Venables after a run of four successive defeats.

Only Tottenham are below them in the early standings, but should Venables reject the opportunity it is understood there are alternative candidates with David O'Leary, Alan Curbishley, Kenny Dalglish and Glenn Hoddle also linked with the role.

A permanent manager would be almost impossible to find with Ashley hawking the club for sale, appointing investment bankers Seymour Pierce to aid the process.

Chris Nathaniel, spokesman for the Nigerian consortium linked to the club in recent days, has hinted that they will restore previous boss Kevin Keegan to his post -- a popular move with Newcastle's fanatical supporters.

However, Seymour Pierce, led by chairman Keith Harris, are understood to be assessing the credentials of several potential buyers -- there have also been links with Chinese, American and north-east investors.

Ashley, who claims to have put in close to $500 million to buy the club and clear off debts, is reported to be seeking closer to $800 to hand over control but knows that further turmoil will send the price tumbling.

Caretaker manager Chris Hughton has been unable to arrest the club's decline since Keegan's well-publicized departure in a disagreement with sportswear magnate Ashely over transfer policy.

A crowd of just 20,577 turned out to watch Newcastle slip out of the League Cup to holders Tottenham.

Venables, part of Steve McClaren's England staff, performed a similar role at neighboring Middlesbrough after being drafted in to assist then manager Bryan Robson in December 2000.

The pair kept Boro in the top flight with a run of seven wins and 10 draws from 22 games.