Chairman David Cardoza has confirmed he is in talks with Newcastle United over the sale of teenage striker Ivan Toney.
The Premier League club have held discussions with Cardoza since the end of last week, but as yet there has been no official bid.
It is believed Magpies boss Steve McClaren wants to have Toney signed and on board before they set off on their pre-season tour to America at the weekend.
“I can’t say any more at the moment, other than there has been discussions with Newcastle,” said the Cobblers chairman.
“I am expecting to hear something from them, but nothing yet.
“There have been a number of conversations, but we are still waiting to hear something definite.”
Cardoza has been dealing with Newcastle chief executive Lee Charnley, as well as the Magpies’ chief scout Graham Carr, a former Cobblers manager and player.
Carr, who still lives in Overstone and has a supporters’ bar named after him at Sixfields, is a regular visitor to Cobblers matches and knows exactly what Toney is capable of.
The 19-year-old travelled to Brighton with the rest of the Town squad on Monday, and is pencilled in to play in Tuesday night’s pre-season friendly at Worthing.
A fee of £300,000 for the player has been reported in the national press, which is only half of what Wolverhampton Wanderers are believed to have offered for the player in November last year.
But the Chron understands that although the initial fee from Newcastle would be less than what Wolves offered, the add-ons the club would receive as Toney’s career progressed at St James’ Park would be far greater than those offered by the Molineux club.
“We have to get the best deal,” said Cardoza. “And if there are add-ons and all the other extras, then it means that as Ivan improves over the years, the club will continue to get some income from it.
“That is the way it should be.”
Toney, who is the youngest player to ever appear for the Cobblers, is a product of the Sixfields youth system.
He has scored 13 goals in 29 starts and 31 substitute appearances for the club, and some fans will be disappointed if the youngster were to leave without the club seeing the best of him.
But Cardoza says there is no way anybody at Northampton would stand in the way of a player destined for the top level of the English game.
“What can we do? It is a massive Premier League club,” said the Town chairman, who is also currently in the process of selling the club to an Indian consortium.
“It is every footballer’s dream to play for a club like that and I hope it happens for Ivan.
“It would be good for the club, but it would be fantastic for him.”