McClaren was sacked as the Newcastle head coach in March, having been appointed in the role at the start of the 2015-16 season.
The Englishman lost his job following a run of disappointing results, which eventually saw the Magpies get relegated from the Premier League at the end of the 2015-16 campaign.
Despite losing his managerial job at St. James’ Park, the former Manchester United assistant boss has spoken highly of Newcastle.
McClaren believes that Newcastle can be great again, and has praised the club’s owner Ashley.
“Newcastle is a great club and can be great again,” McClaren told Sky Sports. “It has got magnificent facilities, a magnificent stadium, 52,000 great fans, and the business side of the club is second to none.
"What he has done over the last seven or eight years, Mike Ashley, he has really got Newcastle on a firm footing so that financially they are making profit after profit each year.”
Newcastle are one of the biggest clubs of England and regularly attract over 45,000 fans to their home games at St. James’ Park.
However, it cannot be denied that in recent years, the Magpies have failed to do much of note on the football pitch.
The Magpies will play in the Championship next season and will be aiming to finish in the top two in order to gain automatic promotion back to the Premier League.
With former Liverpool and Chelsea manager Rafael Benitez in charge of Newcastle now, the fans should be optimistic, but it is not going to be easy.