Taylor has started four of Newcastle's last five games, and Hodgson is short of options at centre-back following John Terry's retirement and Rio Ferdinand being overlooked for selection.
The likes of Chris Smalling and Phil Jones have been unable to hold down places in Manchester United's central defence and Taylor is now thought to have emerged on Hodgson's radar.
Steven Taylor: "It would be great to get back into the England squad and like any Englishman to represent your country would be the pinnacle of your career.
"It has been a frustrating time for me with the injuries and time out of action, but now I am fit and feeling good.
"All the talk of playing for England is flattering, but first and foremost I want to help Newcastle and do my best for the club."
Source: Newcastle United Mad