The Magpies entered a new era of leadership earlier this month as a consortium led by Saudi Arabia’s Public Investment Fund completed a takeover of the club from Mike Ashley.
Newcastle’s new owners are in the process of completely restructuring the club and finally parted ways with former boss Bruce today.
Assistant head coach Graeme Jones has been temporarily handed the reins at Newcastle as a caretaker manager and will be supported by members of Bruce’s old backroom staff.
Newcastle’s owners are going through a lengthy list of candidates to potentially succeed the Geordie on Tyneside and former Dortmund boss Favre is currently the frontrunner for the St. James’ Park hotseat.
The 63-year-old was close to joining Crystal Palace this summer and ultimately decided to not take the job but could earn his first role in the Premier League if he agrees to join the new look Magpies.
The Tyneside giants want to hire a manager with top-level experience and it remains to be seen whether Favre will be their man.
In addition to Favre, ex-Bournemouth boss Eddie Howe, Rangers manager Steven Gerrard, ex-Roma coach Paulo Fonseca and former Chelsea boss Frank Lampard are understood to be among the candidates for the managerial role at Newcastle