(Reuters) - Sheffield Wednesday boss Steve Bruce confirmed he has held talks with Newcastle United over the vacant manager's post but said he is waiting for both clubs to agree a compromise deal.
Bruce, 58, is one of the frontrunners to replace Rafa Benitez, who quit St James' Park last month at the end of his contract.
Sky Sports reported Newcastle had hoped to confirm Bruce's appointment with a compensation payment of around £1 million pounds, but Sheffield Wednesday are holding out for significantly more than that.
When asked to confirm if he had already held talks with Newcastle, former Manchester United defender Bruce told Sky Sports: "I have had a conversation, yes.
"It has happened so quickly that I have to take stock of the situation, it's in the hands of both clubs and I will see where it develops over the next 24 to 48 hours.
"There is nothing really to talk about until the two clubs reach some sort of a compromise."
Former Sunderland and Aston Villa boss Bruce was appointed as Sheffield Wednesday manager in January and guided them to a 12th-placed finish in the Championship.
(Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis)