By Wayne Veysey

25th May, 2021 | 4:00pm

Sources: Newcastle hit Bruce with transfer bombshell - and what it means for Willock deal

Steve Bruce has been informed by Newcastle United he will have a transfer budget of under £10m for this summer’s window, Football Insider has learned.

Magpies owner Mike Ashley is refusing to spend big while takeover talks continues.

A Newcastle source has told Football Insider the board have now passed on the message to Bruce he will have a meagre budget of just £8-10m to work with.

The bombshell rules out the possibility of Newcastle signing Joe Willock permanently from Arsenal after his dazzling loan.

That is now a non-starter unless United cash in on one of their few stars capable of generating a £20m-plus transfer fee.

The transfer fee blow comes after the north-east giants comfortably avoided relegation following a precarious mid-season slump.

It is likely to lead to even further discontent among an already angry and frustrated fanbase.

The prospect of the Saudi-led PiF takeover going through hangs in the balance amid a continuing legal battle.

In the meantime Newcastle’s short-term ambitions are severely curtailed with owner Ashley unwilling to sanction major spending on squad reinforcements.

Football Insider revealed on 19th May that Bruce has been given assurances he will remain as manager next season as long as Ashley is owner.

He came under heavy fire over his job ahead of the late-March international break but oversaw a strong finish as United ended up a highly creditable 12th and 17 points clear of relegation.

In other news, Bruce is plotting a “bargain” signing from Leeds United that will use up some of his meagre Newcastle United kitty.