Thirteen days after Amanda Staveley's Saudi-backed consortium finally got its hands on the club, Steve Bruce's 27-month tenure drew to a close on Wednesday when it was announced he had left by mutual consent.
Fonseca has been heavily linked with a move to St James' Park with some suggestions the head coach is open to the prospect of moving to the North East of England.
Fonseca is a the clear favourite for the hot seat as the hierarchy whittles down a list of potential successors, but he is not the only one who has been considered.
Rangers manager Steven Gerrard, former Bournemouth boss Eddie Howe and ex-Chelsea head coach Frank Lampard have also been linked with the job, although the Magpies' owners have bought themselves a little time to get a key early decision right by placing Bruce's assistant Graeme Jones in charge for Saturday's Premier League trip to Crystal Palace.
Journalist Fabrizio Romano, though, has made it clear that Fonseca's talks have been positive and revealed the Portuguese is now just waiting for the 'green light' to take the role.
Romano wrote on Twitter: "Newcastle job. Talks will continue today between Paulo Fonseca and Magpies board - the agreement is getting closer on a long term contract. Not completed yet but negotiations ongoing."
Bruce's departure hardly came as a surprise after Sunday's 3-2 home defeat by Tottenham in his 1,000th game as a manager and his last in charge of the club he grew up supporting.
That it took so long perhaps was a surprise, with frenzied speculation over potential replacements since it emerged that the takeover was about to go through.
His exit was confirmed in a club statement, which said: "Newcastle United can confirm that Steve Bruce has left his position as head coach by mutual consent.
"He leaves the Magpies after more than two years in charge, having steered the club to 13th and 12th-place finishes in the Premier League and reaching the quarter-final stage in both the Emirates FA Cup and Carabao Cup during his tenure.
"Newcastle United would like to place on record its gratitude to Steve for his contribution and wishes him well for the future."