The Magpies became one of the richest clubs in world football after the Saudi group Public Investment Fund completed a £305million takeover last week.
Gerrard is one of several household names linked with the job, but it remains to be seen if the English Premier League outfit will make a formal approach for the Light Blues boss.
There has been plenty of discussion between Gers supporters on fan forum pages and it appears some are more sceptical than others about the prospect of losing Gerrard.
Here, we take a look at what they have had to say:
Mancbear: “I’m actually quite concerned by this. He is the next logical choice for a Premiership club. Newcastle is now the wealthiest club in the world apparently. The sky is the limit. It would be very difficult to turn down.”
Davie Weir: “I’d imagine they’ll go for a big name in management and Gerrard won’t really be high on their list. However, if they did go for him (which I really don’t see happening) then I’d expect him to take it for sure.”
AndythephotoDR: “I’ve no fear of this happening. Gerrard will leave Rangers at some point and I’d wager it would be Liverpool or the England job. I can’t see him managing a team against Liverpool in the same league added to that he is a guy who honours contracts, especially when Rangers gave him a role which allowed him time to develop as a manager.”
CoopBlue: “His recent stuff about lack of investment have me generally concerned. At the end of the season he was very upbeat about the transfer window and the exciting times ahead. Did the board go back on their word? Something changed. Rule nothing out. Whatever happens, I believe he is in his last season with us.”
Alex: “Newcastle are now the richest club in the EPL. They will be fishing at a level way above Steven Gerrard.”
Gu_bear: “Let’s be realistic, he’ll likely be in their top three or so given his profile not just in England but worldwide. I agree I would expect them to go for someone like Conte first, but there’s no guarantee he takes it. Newcastle are a project and Conte could easily get a team that’s more ready to win. In that scenario, Gerrard moves up the pecking order. It’s head in the sand stuff to completely discount the possibility.”
Gazmac81: “I personally think there is no chance of Gerrard going to Newcastle. His values are loyalty, and he has learned that through his years experiences of offers from Real and Chelsea when at Liverpool as a player. He’s only leaving us for one club – Liverpool.”
The Canny Man: “Money always talks. If, and it’s a big ‘if’, they want him then they’ll get him. Personally I think he would be a good fit for Newcastle. Obviously, I don’t want him to leave but I think this will be his last season at Ibrox. Four years is a long time in modern football, a long time to be away from home with a young family growing up. Let’s be honest Scottish football can’t compete with the English Premier League and never will. We’ve been good for Stevie while he’s been good for us but eventually his ambitions will take him elsewhere unfortunately. Only my humble opinion of course.”
Scoot: “I don’t see Stevie G being a good fit anywhere other than us or Liverpool. Don’t ask me why but I just don’t see it. Abroad, yes quite possibly, but not anyone in the UK other than Liverpool.”
G-Hallbear: “Newcastle are operating at a level above Gerrard now. They’re not interested in projects, only instant success. Stevie G, as much as I love him, is not Saudi billionaire level.”
Robert Marshall: “Wouldn’t surprise me if SG was a target. They are looking for respectability and that would be a sure-fire way to get it. Steven Gerrard is a professional and could be tempted.”
Ter: “What Newcastle need is someone to come in who is going to provide stability and rebuild the squad with the long-term goal of getting to the Champions League. Can’t see Gerrard taking over without a clause allowing him to go to Liverpool once Klopp has had enough.”