The former Crystal Palace and Hull City manager left the club's one-time FA Cup opponents Stevenage Borough earlier this month after they just failed to qualify for a Blue Square Premier play-off place.
And the 55-year-old yesterday met executive director Dennis Wise at a Waltham Abbey hotel to discuss a post at St James's Park.
Much-travelled Taylor worked with Newcastle duo Steven Taylor and James Milner during his time in charge of England's Under-21s, and is well respected on the training field.
The proposed role is unclear, with manager Kevin Keegan already having Chris Hughton and Steve Round on his team.
However, Round's contract expires at the end of next month, and he is yet to be offered a new deal at the club.
Taylor, ironically, replaced former United midfielder Mark Stimson at Broadhall Way halfway through the season after he quit to take charge at Gillingham, another of Taylor's former clubs.