Report: Benitez signs new 3-year deal to continue as Newcastle manager

Rafa Benitez will lead Newcastle United's bid to win promotion back into the Premier League next season after agreeing to a new three-year contract, sources told Sky Sports.

The agreement, which is expected to be finalised and announced Wednesday, will grant the Spanish gaffer full control of player recruitment, as well as governing the team's transfer budget during the summer and winter transfer windows.

The contract is the second three-year deal he's signed with the Magpies since joining in March, when the club dismissed Steve McClaren. The initial deal, however, contained an opt-out clause at the end of the 2015-16 campaign.

Sky Sports adds that the former Liverpool and Real Madrid manager will travel to Newcastle from his home in Liverpool to complete the final details in his contract.

Following his failure to keep Newcastle in the top flight, Benitez revealed his desire to remain despite the team's relegation to the Championship, with reports suggesting he and owner Mike Ashley met in person shortly after the club's final Premier League game.

Related: Benitez undecided over Newcastle future: 'My heart is saying yes'