The development comes amid unsettling times for the EPL club.
Since Ashley's June takeover, Newcastle Chairman Freddy Shepherd has stepped down while both his family and the Halls, who owned a significant stakes club, have sold off shares. Meanwhile, new manager
Sam Allardyce has complained about a lack of sufficient funds to buy new players after releasing so many when he took charge in May.
It's unclear why Ashley is motivated to sell so soon, but a source told the Times that he realized he could make a quick profit after pouring some $60 million into the club to help it refinance the $160 million debt he assumed when he bought the club for $266 million in June. There is also the possibility that Ashley could secure a lucrative deal with his retail chain, Sport Direct, if he sold to Haraldsson. The same source said that the Icelandic's advisors had been in contact with Ashley's, although a deal could still collapse.