Rafael Benitez has agreed to become the new manager of Chinese club Dalian Yifang, Sky Sports News understands.
The Spaniard could be introduced as the club's new boss on Tuesday, following the resignation of South Choi Kang Hee.
Benitez's Newcastle contract ended only yesterday and he is set to more than double the £6m salary he earned at St James' Park.
Benitez penned an open letter to Newcastle's fans on Monday, saying: "From winning the Championship, to our two seasons in the Premier League, fans, staff and players have all been United.
"I wanted to stay, but I didn't just wait to sign an extended contract, I wanted to be part of a project. Unfortunately, it became increasingly clear to me that those at the top of the club did not share the same vision."
Porto manager Sergio Conceicao is reportedly interested in the Newcastle job, while Nice claim they have received no approach for Patrick Vieira and Jose Mourinho has distanced himself from the speculation.