The former England manager has been linked with the north-east English club, along with Birmingham City manager Steve Bruce.
Manchester United's 100 per cent start to the Premier League season ended when they were held to a goalless draw against Newcastle United at Old Trafford on Saturday.
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.
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.
Jarrod Bowen and Mohammed Kudus' second-half goals gave West Ham a 2-0 win over Manchester United in the Premier League's early game on Saturday, as the Hammers briefly moved into the top six.
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.
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.
IMAGES from the English Premier League matches played on Saturday
A makeshift United defence that included Casemiro at centre-back was easily picked apart by Palace on several occasions
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.
A summary of Sunday's Premier League matches
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 were humbled 3-0 at home by Newcastle United in the League Cup fourth round
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.
Antoine Griezmann and Samuel Lino scored in each half to give Atletico Madrid a 2-0 win over Lazio on Wednesday that secured them top spot in Champions League Group E, the first time since 2016 that they had reached the knockouts as group winners.
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.
Manchester City maintained their pressure on Arsenal with a 2-0 win over Newcastle United in their Premier League match on Saturday.
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.
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.
IMAGES from the Champions League matches played on Tuesday.
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.
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).
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 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.
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.
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
Darwin Nunez came off the bench to score twice as Liverpool snatched a sensational 2-1 Premier League win at Newcastle United on Sunday.
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.
The victory lifted Newcastle up to 10th place in the Premier League. West Brom stay 17th.
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.
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