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Leeds' dire financial situation has forced them into selling the England defender, who will meet with Newcastle officials to discuss personal terms.
The Woodgate deal now throws into doubt the future of Terry Venables, who last week stated he would consider his options should the 23-year-old be sold.
Venables met with Ridsdale at the club's Thorp Arch training complex to discuss the situation on Thursday afternoon, and, at the moment, he remains in charge at Elland Road
Following Leeds' defeat against Chelsea on Tuesday, Venables suggested Fowler's departure would ensure Woodgate would remain at Elland Road.
But the club's staggering debts and exorbitant wage bill have clearly dictated otherwise.
Venables only took charge in early July, but has had to stand by and watch as Rio Ferdinand, Robbie Keane, Lee Bowyer, Olivier Dacourt and Fowler have all left, with Woodgate's departure possibly the final straw.
Such is the feeling of antipathy from the fans now, one today placed a 'For Sale' sign round the esteemed Billy Bremner statue at Elland Road before it was hastily removed.
Further demonstrations are now certain to follow on Tuesday when the replay with Gillingham takes place, which could make for an uncomfortable evening for Ridsdale and his plc colleagues.
Just thought i'd let you lot know.
What does everyone think about this?
.....So I wonder who Woodgate was "keeping the position is keeping the position warm for?..."
Sour Grapes - terrible thing.
No wonder Leeds fans are unhappy with an idiot as a Chairman.