According to the Sunday People, it is a possibility, with Newcastle keeping tabs on Carroll's fitness ahead of a prospective January bid.
The report also states that the Magpies opened preliminary talks with the 25-year-old this summer, only for injury to put negotiations on hold.
Carroll is returning from his fitness struggles, though, and Alan Pardew is said to want him back at St James' Park.
And a return to Newcastle would certainly send shockwaves through the transfer market. Carroll flourished during his first spell on Tyneside and the Magpies profited heavily, selling him to Liverpool for £35 million.
Things never really got going for him at Anfield, though, and he then moved on to West Ham for another large fee. Should Newcastle bring him back on the cheap, then, it may prove astute business.
But reunions have not quite gone to plan at St James' Park in recent years. Kevin Keegan's return as Newcastle manager came to a premature end, for instance, while Joe Kinnear's return to the club was ill-fated at best.
The Magpies certainly need a new goalscorer, however, with their strikers having failed to score so far this season - bar a brace from Papiss Cisse on his return from injury.
It will be interesting to see whether Newcastle genuinely see 25-year-old Carroll as the answer.