Sky Sports claims Newcastle have denied the initial bid was worth in the region of £300m.
PCP's money is a combination of Ms Staveley's equity and that of her major investors, which include funds based in the Middle East.
The uncertainty surrounding the takeover has been offered up by some supporters and pundits as a reason for the club's struggles of late after taking just one point from the last 18.
Supporters want the takeover done and dusted so beloved manager Rafa Benitez can be given funds to splash out in the transfer market in January.
"I hope that something happens with regards the takeover because the manager needs funds and he needs to get some players in January," Shearer told Coral.
"I would hope so I'd be surprised if it were to go through now that quickly and free up funds for the manager in January
I hope I'm wrong because that's exactly what's needed to freshen things up and get some new players in."