The former England manager has been linked with the north-east English club, along with Birmingham City manager Steve Bruce.
Newcastle United owner Mike Ashley officially put the club up for sale at a cut-price 100 million pounds ($158.9 million) on Monday in a small-ads style statement on the team's website.
Everton have rejected a 20 million pound ($36.3 million) bid from Newcastle United for England striker Wayne Rooney, the Premier League club said on Monday.
IMAGES from the Champions League matches played on Tuesday.
The club is planning to strengthen it's bid to return to the Champions League by signing two players in next month's transfer window.
Manchester City maintained their pressure on Arsenal with a 2-0 win over Newcastle United in their Premier League match on Saturday.
Images from the English Premier League matches played on Sunday
The 52-year-old, who had already admitted a misconduct charge prior to Tuesday's personal FA hearing, will be banned from stadiums for the first three matches and he will be barred from the touchline for the remaining four.
IMAGES from the English Premier League matches played on Saturday
A summary of Sunday's Premier League matches
Chelsea were held and Newcastle United and Liverpool humbled on a day of surprises in the Premier League on Saturday when the lesser lights enjoyed some unexpected success against the more established teams.
Obafemi Martins scored twice as Newcastle United produced a stirring second-half performance to beat Aston Villa 2-0 on Monday to move off the bottom of the Premier League.
Arsenal, who fired Unai Emery as manager last week and appointed former player Freddie Ljungberg as caretaker boss, now sit 10th in the table on 19 points, with Brighton a single point behind and three places below them.
Newcastle United owner Mike Ashley said on Sunday he had put the Premier League club up for sale after falling foul of the fans following coach Kevin Keegan's resignation.
Manchester United crushed Newcastle United's hopes of a claiming a first domestic trophy for nearly 70 years with a clinical 2-0 victory in the League Cup final at Wembley on Sunday.
Darwin Nunez came off the bench to score twice as Liverpool snatched a sensational 2-1 Premier League win at Newcastle United on Sunday.
Alan Pardew suffered the ignominy of becoming the first Newcastle United manager to lose four successive Tyne-Wear derbies against Sunderland after Adam Johnson's late goal subjected his team to more misery against their arch-rivals.
The midfielder was granted bail but with strict conditions and ordered to reappear in court on January 16.
Images from the UEFA Champions League matches played on Tuesday night.
Speaking at a news conference in Newcastle, his club manager Sam Allardyce said the striker had suffered a torn thigh muscle and also had a suspected weakness in his stomach area which may require surgery.
'Not in the dressing room. Of course there are a lot of rumours but it is not that we get distracted by it.'
Kevin Keegan said on Thursday he was returning to Newcastle United as manager, 11 years after leaving, because he still had "unfinished business" at the club.
An early Peter Crouch goal gave Stoke City a 1-0 home win against Newcastle United in the Premier League on Monday to pile more pressure onto beleaguered Toon boss Alan Pardew.
Liverpool kept alive their hopes of Champions League football next season with a comfortable 2-0 Premier League victory on Monday against a Newcastle United side who finished with 10 men.
Manchester United opened up a seven-point lead at the top of the Premier League even as rivals Man City suffered a shocking reverse at Sunderland on the Boxing Day.
Newcastle United gained immediate promotion back to the English Premier League without playing on Monday after Nottingham Forest's failure to beat Cardiff City in the Championship (second division).
Newcastle United were thrashed 5-1 by second divison leaders Birmingham City in their FA Cup third round replay on Wednesday at St James's Park.
Chelsea missed their chance to slash Manchester United's lead in the Premier League to a single point on Sunday when they were held to a 0-0 draw at Newcastle United.
Albert Luque steered Newcastle to the top of UEFA Cup Group H when he scored the only goal in a 1-0 win over Palermo on Thursday.
News of all that's transpired on and off the football field
Newcastle United's Papiss Cisse has gatecrashed the Premier League in spectacular style and his second strike in Wednesday's win at Chelsea could sneak in as a goal of the season contender, especially given its potential importance.
Liverpool's Raheem Sterling netted a sharply-taken double in a 3-1 win over Bournemouth on Wednesday to set up a League Cup semi-final with Chelsea.
Alan Shearer broke Newcastle United's goal-scoring record in a 2-0 home win over fellow strugglers Portsmouth.
League leaders Chelsea and Liverpool however won their matches in the Premier League.
Newcastle United continued their push for Europa League football next season when two excellent goals from Papiss Cisse and a superb strike from Hatem ben Arfa gave them a 3-1 win at West Bromwich Albion in the Premier League on Sunday.
IMAGES from the English Premier League matches played on Saturday
The victory lifted Newcastle up to 10th place in the Premier League. West Brom stay 17th.
"We are all hopeful that the surgery I have had will ensure I don't have any repeat of the condition in the future."
Newcastle United's charge towards Champions League qualification gathered pace on Saturday with a 3-0 home win over Stoke City which moved them into fourth spot in the Premier League as rivals Arsenal and Chelsea could only draw 0-0.
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