Amanda Staveley has admitted the Saudi-backed consortium that bought Newcastle last October was previously interested in buying Chelsea from Roman Abramovich.
Russian oligarch Abramovich has put the Blues on the market following Russia's invasion of Ukraine. He denies links with Russian president Vladimir Putin.
Newcastle shareholder and director Staveley has also insisted it is "unfair" for Abramovich to have to sell the London club because of "geopolitical issues".
Staveley, who led the consortium's takeover of Newcastle, revealed their previous interest in Chelsea at the Financial Times' business of football summit on Thursday.
"There was only ever one club for us, there will only ever be one club for us," added the Toon chief.
"I am sad that someone [Abramovic] will have a club taken away from them because of a link they may have with someone. I don't think that is particularly fair."
The consortium's controversial takeover of Newcastle started in April 2020 and was eventually sanctioned by the Premier League 18 months later.
Many have slammed the Premier League for allowing the consortium to purchase Newcastle, as 80 per cent of the club is owned by Saudi Arabia's Public Investment Fund.
Saudi Arabia has an appalling human rights record. According to Amnesty International, there is a "repression of the rights to freedom of expression" in the Middle Eastern country.
Government critics, activists, journalists, human rights defenders and relatives of activists are among those to have been harassed, detained and prosecuted by the Saudi regime.
Staveley has a contract to run Newcastle for the Saudi Public Investment Fund until the summer at least when a new CEO will be appointed.
She admits her stake may have to be diluted if the Saudis keep pumping money into the Toon to fund transfer spending, but says they do not have "silly money".
Staveley said the Saudis want to turn Newcastle into a "global" club and will keep investing in the team, as well as potentially expanding St James' Park.
On the funds the Saudis have for reviving Newcastle, she said: "What Mike [Ashely] had done was run the club efficiently and he'd taken a view he needed to sell.
"We arrived and we have a different business model, that is to grow the club to be a huge global business and brand and we want to be the best at football and challenge for trophies.
"That needs a lot of investment. I'm not saying we are silly money because we're not. I hope that in the next transfer window people will see that we are not going to overpay for players or assets.
"We're shareholders and want to be shareholders for 20 years. We are patient and want to see this club grow."
Abramovich confirmed he was selling Chelsea on Wednesday evening.
"As I have stated before, I have always taken decisions with the club’s best interest at heart," read an official statement from the Russian.
"In the current situation, I have therefore taken the decision to sell the club, as I believe this is in the best interest of the club, the fans, the employees, as well as the club’s sponsors and partners.
"The sale of the club will not be fast-tracked but will follow due process.
"I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and club."
