The 30-year-old is a free agent and has reportedly already held talks with Bolton Wanderers, Nottingham Forest and Belgian side Standard Liege.
However, he could now be set for a move to the KC Stadium within the next 48 hours.
Taylor’s time at Newcastle was plagued by serious injury problems which started when he suffered torn cruciate ligaments in his knee in 2012. He spent 26 months on the sidelines as a result.
He returned to action in October 2014 before injuring himself again against QPR the following month.
However, Taylor returned in February 2015 to help the side avoid relegation before being released in acrimonious circumstances at the end of the season.