They may make a move for the Benfica midfielder as the Portuguese side aim to reduce their wage bill.
The winger joined the club from Queens Park Rangers in the summer, but is yet to make an appearance for them this season.
It has not been an ideal move for the attacking midfielder, who has failed to impress at the club and convince them his long term in future lies in Portugal.
That has led to them looking to offload him in January, as they are keen to get him off the wage bill, according to the O Jogo report.
And they would be more than happy to sell him to the Magpies, with them looking to add reinforcements in January to aid their ailing season.
Steve McClaren’s side are currently rooted in the bottom three and two points away from safety, with Sunderland above them in 17th place.
It has been a disastrous campaign so far, with last weekend seeing them hammered 5-1 by Crystal Palace and former manager Alan Pardew
Whether, though, Taarabt would be the man to save their season is questionable at best, with him not having enjoyed the best of times in the Premier League over the last few years.