The 38-year-old Arsenal legend is currently in charge of the Manchester City reserve team, but could now make a move to become a first team boss in the Premier League.
The Frenchman is allegedly in the running to become the next Newcastle manager, with interim boss John Carver set to be replaced despite Newcastle surviving in the top flight with a 2-0 win over West Ham United last weekend.
It's believed that Vieira will now hold talks with Newcastle this week over the possibility of taking the reins at St. James' Park, but The Telegraph believe that Vieira has some concerns about the role.
They report that Vieira not only wants total control over transfer in and out of the club, but is also uneasy about the relationship between the fans and Ashley.
The Magpies owner is an unpopular figure on Tyneside given a perceived lack of ambition in recent years, with regular protests from supporters to try and get him to sell the club.
The 'toxic atmosphere' described in The Telegraph is reportedly putting Vieira off the job, but he will hold talks with the Newcastle hierarchy anyway to gauge his interest in the role as the Magpies ramp up their attempts to find a new manager this summer.