The Newcastle United Supporters Trust is leading a bid by a group of Magpies fans to buy a share of the club, reports BBC Sport.
Organisers say £20m has already been pledged and backers include a number of high-profile figures.
The announcement comes amid reports that owner Mike Ashley is set to sell to Tyneside businessman Barry Moat.
Trust spokesman Steve Hastie said: "We want to show that a supporters trust can be a truly representative supporters organisation."
He said a "proper management structure" was needed at the club to make it a success, with the "right manager", board of directors and financial structure working in unison.
The aim of the group is to initially purchase a share in the club that will allow them to have a say in the running of the club, with the potential of eventually establishing themselves as the major shareholders and purchase the club outright.