The seller, Mike Ashley, who bought the team in 2007 for £134m, has been seeking a buyer for the past year. Saudi's Public Investment Fund was not immediately available for comment, nor were representatives for Ashley or Staveley.
A spokesman for Newcastle United declined to comment on Saturday.
Newcastle have been twice relegated from the Premier League during Ashley's 13-year reign, with supporters protesting on numerous occasions against his ownership.
Opto Advisers, led by former Chelsea and Manchester United chief executive Peter Kenyon, were reportedly putting together an offer for the club. But a source told The National Kenyon was unable to raise the required funds to instigate a bid.
The Bin Zayed Group held protracted negotiations with Newcastle last summer with a view to buying the club for a fee of around £350 million. Premier League clubs Arsenal, Liverpool and Manchester United are all under control of Americans, while Manchester City is owned by the Abu Dhabi United Group.
An investor group, that includes Saudi Arabia's Public Investment Fund (PIF) and United Kingdom financier Amanda Staveley, are interested in buying the soccer club for £340 million, according to various British media reports.
It is still noted, however, that it's not completed just yet and there is still a chance of the deal collapsing.
The acquisition may be similar to the purchase of a club by the Abu Dhabi Union Development and Investment Group Manchester City In 2008, it pumped more than a billion pounds into the English club, making it one of the best clubs in the world.
Ashley, who is now out of the country, has been in control at St James' Park since purchasing a majority stake in the club in 2007 and is understood to want around £340m to sell. We hope that we have succeeded by giving you the full details and information.