McFadden is back training with Motherwell after a brief spell at Sunderland ended and a move to Nottingham Forest fell through when he travelled to the City Ground on the day Alex McLeish left his short reign as manager there.
McFadden, who hit 32 goals for Motherwell as a teenager, has already been back at the club for two weeks and a move looks unlikely after contract talks with Fir Park chief executive Leeann Dempster failed to come to fruition before he signed for Sunderland.
Black, speaking at the pre-match media conference ahead of Saturday's SPL clash with Inverness, said: "James has come in very similar to what he did a few months back. He came in looking for training facilities.
"We are more than willing to accommodate him. James came in, got himself fit and got himself a move to Sunderland.
"He is now back up and it's really much of the same.
"He is keeping himself ticking over, a local lad, and we're happy to have him on board.
"That's as far as it goes, nothing has changed from the last time he was here."
Motherwell manager Stuart McCall had some money left in his playing budget but with 10 players out of contract in the summer he might want to plan for the long term instead of trying to sign McFadden on a short-term deal.
Black added: "I don't know the finances in regards to if we can offer him anything.
"I do know that we have lost Jamie Murphy and brought Kallum Higginbotham in and we have a lot of frustrated players at Motherwell.
"Bob McHugh did tremendous during the week and scored a hat-trick for the under-20s.
"Whether we can accommodate James McFadden will probably be for the chief executive to deal with.
"It makes sense if you have the finances to do it. I don't know how many games James got at Sunderland.
"But we are certainly happy to have him in because he is well-liked around the place."
McFadden, 29, has only played 11 games, most of them off the bench, during spells at Everton and Sunderland since coming back from a cruciate ligament injury suffered in September 2010.
But Motherwell midfielder Nicky Law believes he could help fire the club into Europe if he were to sign on.
Law said: "I don't know what he's thinking or the club is thinking but we would love him to join.
"He's a top, top player, you can see that in training. It would be a huge boost if we could get him.
"You could look towards someone like that to pick you up extra points as the season goes on."
Motherwell will go second without McFadden if they beat Inverness on Saturday for a third time this season.
Motherwell's 5-1 victory at the Caledonian Stadium in November was the first time their hosts had lost since a 4-1 defeat at Fir Park, and their only defeat in 21 games.
But, although the visitors are without a win in five, Law is not expecting an easy game tomorrow.
Law said: "They have been brilliant. We think we have done well this season and they are a point ahead of us on probably one of the lowest budgets in the league.
"The 4-1 game here probably flattered us. The 5-1 game was probably our best performance of the season and just about everything went right for us that day.
"I think it will be a lot tighter tomorrow. They don't usually concede many goals and they score a lot.
"They have good individual players - Aaron Doran, Andy Shinnie and Billy McKay have been among the three best players in the league."
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