Taylor has been forced to watch from the sidelines in recent weeks as Newcastle have embarked on a winning run in the Premier League.
The 27-year-old has even found himself left out of Alan Pardew's matchday squad in the last six games despite being back to fitness after injury.
Taylor has not featured since the defeat by Manchester City on the opening weekend of the season and is frustrated with his lack of first-team opportunities.
Taylor, who has been promised a new deal by director of football Joe Kinnear, could now be made available on loan for January or even for a cut-price fee of £1.5million.
The player's agent, Willie McKay, confirmed Taylor could go out on loan in search of first-team football.
"Steven is now fully fit, but he is frustrated not to be playing as that is what he loves doing," McKay told Sky Sports.
"He has not been involved for the last six games and of course it is frustrating.
"Steven fully understands that the team have been on a good winning run and the manager does not want to change a winning team.
"Joe Kinnear has promised Steven a new deal in January and he could be made available for loan if he is not going to be playing for Newcastle."