Taylor has been tipped to leave St James' Park in the summer following a difficult end to the season that saw him suffer a broken jaw in an alleged bust-up with team-mate Andy Carroll.
Everton and Fulham have been linked with the centre-half.
Talk of the Toon: Villa's Davies
Flying the nest: Magpie Taylor
Magpies manager Hughton must offload players before he can strengthen his squad and central defender Davies is high on his shopping list.
Hughton tried to sign 25-year-old Davies, who is surplus to requirements at Villa Park, on loan in January but talks broke down and the Toon chief moved for Fitz Hall from QPR.
Villa boss Martin O'Neill paid West Brom £8million for Davies two summers ago but sources close to the club have claimed he will be allowed to leave for around £4m.
Newcastle could expect somewhere in the same region for Taylor.
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