Newcastle still have a two-point cushion over 18th placed Fulham, having played a game fewer, but the confidence inside the camp is at an all-time low after the defeat to Brighton on Saturday night.
The Magpies seem to be sleepwalking towards relegation after winning just two of their last 18 games in the Premier League.
The pressure on Bruce has been ramped up and Townsend feels if owner Ashley wants to make a change he has to do it now and sack the manager rather than ponder over it for a few more weeks.
However, he feels it would risky to sack Bruce now and stressed that the players need to take their share of the blame as they have not shown the character needed in a relegation dogfight.
Townsend said on Premier League TV after the game: “If Mike Ashley wants to make a change, the time to do it is tonight or tomorrow.
“If he feels there is someone out there better to do this job, then he shouldn’t mess around and do it straight away.
“Personally, there is a risk attached to do that and I’d stick with Steve.
“You can point your finger at the managers all day long, but ultimately the players are out there and players have to step up and stand up.
“I don’t see too many at Newcastle who have got the real character to dig this team out of trouble.
“They have got to do more, want to do more and they are running out of time.”
Newcastle have nine more games left to save their season and will host Tottenham Hotspur next at home following the international break.
