The former Liverpool and England midfielder was at St James' Park on Wednesday night to watch the Magpies' friendly against PSV Eindhoven with associates from the Singapore-based Profitable Group, sparking rumours of a takeover bid.

But he revealed: "I can categorically say I am not involved in buying the club and will not become director of football."

"I would love to be. It would make good sense because there is always something happening there, but I am not."

Newcastle chiefs have consistently denied rumours they are looking to sell, and McMahon insists the group are only targeting a deal to promote the club in the Far East.

"We are forging a commercial tie-up with the club," he told the Evening Chronicle. "We are hoping to be a strategic partner of Newcastle United in the Far East.

"What we want to do is turn Newcastle into Asia's favourite club and if we were going to target any club outside of the top four, it would be Newcastle because of the history, the fan base and, like I said, there is always something happening here."

Profitable Group operations director John Nordmann echoed McMahon's comments and played down the financial value of the deal.

"Our job will be to increase the club's profile and get United better commercial deals," he added.

"We will do our best to make the club better but buying it, no. The reason we came here was because we were finalising our deal and we expected it to be completed in the next day or two, but then the stories came out."