Ashley's Sports Direct has also given up naming rights on the Ibrox stadium.
The Newcastle striker scored the winner in Liverpool's defeat to the Magpies on Saturday.
The Argentine returned to his homeland in September to have his operation.
Ashley had been expected to appoint his former colleague after he ousted Graham Wallace.
IBTimes UK brings you all the updates from Saturday's Premier League action.
Liverpool face Newcastle United in the Premier League clash on Saturday. Find out how to follow the match live in the UK.
The Reds boss refused to be drawn on more questions regarding Daniel Sturridge and Mario Balotelli.
Manchester City welcome Newcastle United in the Capital One Cup fourth round clash on Wednesday evening. Find out where to watch live in the UK.
Spanish striker tells IBTimes UK about his adaptation to the Premier League.
Derek Llambias will fly to Glasgow to discuss contract terms, according to reports
The Spaniard explains to IBTimes UK his summer move to Newcastle.
Wallace follows in the footsteps of Philip Nash, who Ashley also wanted out
The Spaniard scored the winner during the 2-1 victory over Tottenham Hotspurs on Sunday 26 October.
Newcastle travel to White Hart lane to take on Tottenham Hotspur in the Premier League on Sunday. Find out where to watch in the UK.
The Frenchman joined Hull City on loan after falling out with Alan Pardew
Papiss Cisse and Cheick Tiote recently returned from Africa following ACN qualifiers.
The England forward is committed to fighting for his future at Upton Park.
The Sports Direct Founder has called for the heads of Graham Wallace and Philip Nash.
IBTimes UK brings you live coverage of all Saturday's Premier League action.
IBTimes UK takes a look at some of football's more controversial club owners
The Magpies boss could have just one game left to save his job.
The sports retailer now owns more than 11% of Debenhams