The Magpies look set for a busy week on the phone after it emerged yesterday Paris St Germain have also stepped up their interest in Yohan Cabaye by making a formal £14m offer.
It is understood Newcastle have knocked back the bid and that PSG know they could have to break the £20m barrier to take the former Lille man back to France.
The Taylor situation is also intriguing. The centre-back is in no rush to leave St James' Park but could be placed in a difficult position if sizeable offers are received for his services.
With Fabricio Coloccini due to miss both tomorrow night's trip to Norwich City and Saturday's Tyne-Wear derby through injury, manager Alan Pardew is hardly blessed with an array of options at the back.
But the return from suspension of Mathieu Debuchy at Carrow Road will provide Pardew with at least the option of fielding Mapou Yanga-Mbiwa alongside Mike Williamson at the hear of the defence.
Taylor would be disappointed to lose his place after playing in the battling defeat to Manchester City and then the 3-1 win at West Ham United.
But Newcastle are aware of interest from around the country in taking Taylor before the transfer window closes on Friday night.
Norwich, ironically, are one of those exploring ways of taking him to Norfolk, although they also have an interest in Blackburn's Scott Dann, who would represent a cheaper option in terms of wages.
Queens Park Rangers, aiming to return to the Premier League at the first time of asking this season, have also been long term admirers, although any deal is likely to be a loan.
Only last week Taylor spoke of his determination to concentrate on football and not allow off-the-field speculation to distract him from trying to stay in the team.
But Newcastle, who do face stiff competition for St Etienne's centre-back Kurt Zouma from Chelsea and Arsenal, could let the 28-year-old move to free up more of the wage budget because he is a high earner.
Pardew is keen to concentrate on this week's games and would prefer not to have too many distractions on the transfer front before Friday's 11pm deadline. That, though, seems unlikely.
His biggest worry is whether or not Paris St Germain will offer a reputed £25m valuation for Cabaye ahead of such a key game against Sunderland.
Cabaye, who was the subject of a £10m rejected bid from Arsenal in August, has been in fantastic form and could be the difference between Newcastle staying in the mix for a European spot in the Premier League and finishing mid-table.
The 28-year-old has two years remaining on his contract after this season but FIFA rules indicate that he could buy-out the remaining term of his deal during the summer.
Newcastle are still pressing ahead with attempts to land a new forward or two. Borussia Monchengladbach's Luuk De Jong remains the likeliest arrival on loan.
But the German club have been dragging their heels because they have been unable to bring in a replacement. They are thought to have maintained an interest in a deal which would see Papiss Cisse head back to the Bundesliga.
Cisse's future remains uncertain. The Senegal striker could secure a lucrative contract from Qatar, but Monchengladbach could decide to make a fresh bid to land him before Friday's deadline.