McClaren, under pressure with the Magpies 19th in the Premier League, took training as scheduled on Tuesday.
The board - minus the ex-England boss - met away from Tyneside on Monday.
Newcastle are in danger of a second relegation in seven years after five defeats in six league games, including Saturday's 3-1 loss to Bournemouth.
On Monday, managing director Lee Charnley, chief scout Graham Carr and club ambassador Bob Moncur discussed possible ways forward with 10 games of the season remaining.
McClaren took over in the summer after leaving Championship side Derby but has only won six of his 28 top-flight matches in charge.
Former club owner Sir John Hall claimed the 54-year-old should be sacked, while Alan Shearer, Newcastle's record goalscorer, has described the club as a "mess from top to bottom."
The NUFC Fans' Forum - a representative body of supporters' groups - has called for action to be taken to arrest Newcastle's slump in an open letter to the club's hierarchy.
16 Swansea City 29 33 -9
17 Sunderland 29 25 -19
18 Norwich City 29 24 -23
19 Newcastle Utd 28 24 -25
20 Aston Villa 29 16 -33