Sam Allardyce is the favourite to take over as Newcastle manager following Glenn Roeder's resignation on Sunday.
Allardyce spent a total of 18 years at Bolton as a player and a manager
Bookmakers Ladbrokes have suspended all betting on Allardyce's appointment.
Allardyce, who stepped down from his position as Bolton boss on 29 April, turned down the chance to manage the Magpies just under three years ago.
Roeder's number two Nigel Pearson, who will be assisted by Lee Clark and Terry McDermott, will take charge of Sunday's final game of the season at Watford.
Last year Allardyce was interviewed for the England managerial position following the exit of Sven-Goran Eriksson after the 2006 World Cup.
However, he was beaten to the job by Steve McClaren.
Allardyce pledged to focus on Bolton after missing out on a role he publicly stated he would "love", but resigned with two league games of the season remaining.
Under Allardyce, Bolton reached a League Cup final and in the past he has also guided the club to European football.
Will Shearer put his hands up for the manager's job?
Roeder resigned on Sunday after he and chairman Freddy Shepherd had come under fire from fans after the home defeat by Blackburn on Saturday.
The 2-0 defeat by Rovers also meant Newcastle had the unenviable record of failing to score in a fifth successive home league game for the first time since 1951.
Newcastle, a club with debts of around £80m, are currently 13th in the Premiership.
Other candidates for the managerial position include former skipper Alan Shearer, although he has still to obtain the required coaching badges that the Premier League now insists managers must have before they can manage a club.
Blackburn manager Mark Hughes, Eriksson and Sevilla's Juande Ramos have also been linked with the vacancy.