With Steve Bruce leaving the club this morning, Newcastle’s search for a new manager is in full swing at the moment with the new owners holding extensive talks to make the appointment.
Lucien Favre has been linked with the job, while Rangers manager Steven Gerrard, Frank Lampard and Eddie Howe are also under consideration.
But Fonseca is being tipped as one of the frontrunners to become the next Newcastle manager and talks have already taken place between the two parties.
The Portuguese was first approached by representatives of the new Newcastle regime in the summer when they were not in charge of the club.
Fonseca came close to becoming the Tottenham boss before the start of the season before the north London club had a rethink and appointed Nuno Espirito Santo.
He is keen on listening to what they have to offer and would be interested in becoming the Newcastle boss.
The 48-year-old has been out of work since leaving Roma at the end of last season and wants to return to management.