Rafael Benitez is expected to continue talks with Newcastle over the weekend regarding a new contract.
The Spaniard sat down with bosses in London on Thursday in a bid to thrash out a new contract.
Benitez wants to be given the green light to sign players over the age of 26, which has been against club policy in previous years.
His current £5m-a-year deal ends on June 30.
Benitez, who wants to see Newcastle competing for European qualification and silverware, turned down a contract offer last summer.
He has been in charge at St James' Park for three years but Sky Sports News understands he has been buoyed by owner Mike Ashley breaking the club's long-standing transfer record to sign Miguel Almiron in January.
Newcastle concluded their season with a 4-0 win at Fulham last Sunday, securing a 13th-place finish in the Premier League.