Newcastle United has given its first indication that Terry Venables would not be coming to the club after several months of touting his imminent arrival.

Newcastle chief executive George Liolio said it was looking less likely the former Leeds United, England and Australian coach will be here.

"We are in dialogue ... (but) obviously we're not as hopeful as we were before," he said.

"We believed that we had come to an agreement before but things have changed.

"Things have changed relative to Terry's personal circumstances, particularly pertaining to some property development that he has going in Europe, and also his media commitments.

"We were quite certain that we had an arrangement, now we'll just have to wait and see."

United football director Remo Nogarotto has said Venables "agreed in principle" to a deal with the club on July 16.

However, it now appeared Venables wouldn't be coming, and Liolio said the uncertainty over the situation was disappointing for the club.

"Our chairman (Con Constantine) came out in the media this week and gave his opinion on the situation, and that is that he believed he had an agreement," Liolio said.

"It was a very ambitious project to undertake, but Con had met Terry Venables on two occasions and believed he had a handshake agreement, and that it only had to be ratified.

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