Steven Gerrard and Wayne Rooney are two of the names in contention for the Newcastle job, according to reports.
Steve Bruce took charge of his 1000th game as a manager on Sunday, but his side were beaten 3-2 by Tottenham.
Newcastle fans voiced their frustrations with the manager in the second half of that game, and some called for Bruce to be relieved of his duties.
The 60-year-old is unlikely to be at the helm when the Magpies face Crystal Palace on Saturday.
His assistant Graeme Jones could be placed in caretaker charge before the board makes a permanent appointment at a later date.
According to the Chronicle, Derby boss Rooney would be interested in the position.
England's all-time record goalscorer has conducted himself well in difficult circumstances at Pride Park.
Rooney steered the Rams clear of relegation last season and is continuing to eke out results despite Derby being plunged into administration.
The report states that Rooney would be willing to take charge on a short-term basis if Bruce is sacked.
However, he will not put the feelers out to Newcastle's owners unless there is a vacancy.
According to The Times, Gerrard is on a short list which also features Roberto Martinez and Unai Emery.
The Liverpool legend won the Scottish Premiership title with Rangers last term and will no doubt return to the Premier League one day.
However, it is unclear whether he would be willing to take charge of a Newcastle team that is battling relegation.
The Magpies might also find it difficult to recruit Emery or Martinez, both of whom are currently in work.
The former is settled in his native Spain with Villarreal, while Martinez recently ruled himself out of the Barcelona job.
The Belgium boss intends to see through his contract until the end of the 2022 World Cup.
The delay in dismissing Bruce indicates that Newcastle do not have anyone lined up to take over from the unpopular incumbent.
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