Alan Pardew is reportedly set to quit Newcastle and take over as the new manager of his former club Crystal Palace, according to reports on Monday.

Several British bookmakers suspended betting on the next Premier League manager to leave his post on Monday after reports strongly linked Pardew with a move to Selhurst Park, where he spent three years as a player.

Neither club has been willing to confirm suggestions that the Eagles, who are looking for a new boss after sacking Neil Warnock on Saturday, will pay a £2 million (2.55 million euros, $3.1 million) compensation fee to land Pardew, who still has five years left on his St James' Park contract.

Pardew made 128 appearances for Palace between 1988 and 1991 and scored the winning goal in his side's famous 4-3 win over Liverpool in the FA Cup semi-finals at Villa Park in 1990.

Despite a mounting campaign for his dismissal from a large section of Newcastle supporters, Pardew retained the faith of Magpies owner Mike Ashley.

But although the Magpies are a bigger club than Palace, Pardew has been frustrated by Newcastle's transfer policy in recent seasons and continuous criticism from a large section of fans to get him out of the job.

Pardew is one of the lowest paid managers in the league and Palace will at least match his salary.

And the 53-year-old stoked the speculation over his future by failing to attend the post-match press conference following his side's 3-2 win over Everton on Sunday.

Pardew is scheduled to host his regular pre-match press conference ahead of the visit of Burnley at Newcastle's training ground on Tuesday.

But Palace chairman Steve Parish, said to be in talks with Ashley on Monday, wants to act swiftly following the departure of Warnock to allow his new boss time to spend in the January transfer window.

The south Londoners are in the relegation zone after Sunday's 0-0 draw at fellow strugglers QPR, with Keith Millen in charge of Palace in a caretaker capacity for the third time.