Mike Ashley is asking for a staggering US$860 million to sell Newcastle United to a group of investors from Dubai.

Despite the Dubai ruling family insisting they are not looking to buy any Premier League club, talks have been opened between Ashley and the Dubai-based group Zabeel Investments, according to ArabianBusiness.com.

Sale documents have been given to Zabeel by Ashley containing a price of US$860 million for the club he bought for US$232 million 16 months ago, and then ploughed another US$178 million into.

Zabeel Investments is owned by Dubai's ruler Sheikh Mohammed bin Rashid Al-Maktoum and was part of the consortium that tried to buy Liverpool in 2006.

However, Zabeel Investments chairman Mohammed Ali Al Hashimi has insisted he has not been directly approached.

He told Arabian Business: "We have not had any contact. I am not interested in any [English Premier League club] right now."