FORMER Newcastle United chairman Freddy Shepherd last night claimed that Mike Ashley ‘is not stupid’ and will know he needs to splash the cash if he wants to lure Patrick Vieira to St James’ Park.

The Magpies are due to speak with Vieira about the prospect of becoming the club’s new coach, although ex-Middlesbrough and England boss Steve McClaren remains at the forefront of Ashley’s thinking too.

But it is the emergence of Vieira, the former Arsenal and France midfielder, which has got Newcastle fans excited and they are awaiting developments in the hope of a quick appointment following the end of the Premier League season.

Shepherd, who sold Newcastle to Ashley in 2007 after ten years as chairman, is desperate to see improvements for the club he still supports and is hopeful the current regime are ready to change their approach to ensure there is no repeat of a relegation struggle.

He feels that needs to start by pushing the boat out in a bid to ensure Ashley gets the right man in charge of team affairs, suggesting every candidate has a price and it is time for the sportswear tycoon running the show to get serious.

“According to the bookies John hasn’t got much of a chance and it’s either going to be McClaren or Vieira. There still maybe a twist in there,” said Shepherd. “At the end of the day, will Vieira come? Of course he will come if the money is right. If you offer anyone enough money then they are going to come. That’s what it will boil down to.

“I’m sure Mike Ashley has learned his lesson, that supporters own the club really. Owners think they own it but at the end of the day it is an institution and supporters own the club, make no mistake about it. I learned that lesson while I was chairman.”

He added: “What has gone on over the last few months saddens anyone connected with Newcastle. To see Newcastle go through such turmoil, and it was turmoil towards the end of the season, was not nice for any supporter to watch it. I just hope he learned his lesson and he comes out fighting and gives the manager his full support and backing.”

Vieira is exploring his options and is ready to leave Manchester City if the right offer comes along. The 38-year-old has had four years at the Etihad in a variety of roles, but is currently on a reputed 12-month rolling contract worth around £1.5m a year.

That is also the figure in compensation which Newcastle would have to pay City if they did reach an agreement with the Frenchman rather than try to persuade McClaren, who is available following his sacking at Derby, for a third time to take over on Tyneside.

And Shepherd thinks whoever takes over the head coach reins will be given the financial backing this summer to ensure that Newcastle are not battling to avoid a drop in to the Championship at the end of next season.

“I had my run-ins the fans, of course I did, and I’m a Geordie and to be fair Mike Ashley is not,” said Shepherd.

“But it will be interesting to see how he treats this summer because he has to buy players.

“He knows that, he is not stupid. If he doesn’t buy players, does he want to be in the same situation as they were this season? No. Therefore he will have to buy players. I just hope John Carver is kept on in some capacity.”

Shepherd and Carver were at Ramside Hall yesterday for the Gary Speed Memorial Golf Day, along with a number of other sporting celebrities such as Rob Lee and Darlington’s former world boxing champion Stuart Hall.

The day aimed to raise money for the Gary Speed Foundation and The Toby Henderson Trust in memory of Speed, who died in November 2011 after a battle with depression.

Shepherd said: “I’ve got great memories of Gary. I signed him originally and then I sold him unfortunately. He was a great guy and a likeable guy and there’s not too many players you can say that about believe me.

“I remember what a guy he was in the dressing room. He was the main support in there and you just noticed that when you went in there what a great guy he was. He was a true sportsman.

“Gary Speed was Gary Speed. He was a great guy from start to finish at Newcastle. One thing about Gary was he was never really interested in money, he just wanted to play football, and it’s not very often you can say that.”