Taylor, who has started four of Newcastle's last five games, is thought to have impressed Hodgson with some commanding performances at the back in recent weeks with his return to Alan Pardew's side coinciding with an upturn in Newcastle's fortunes.
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.
Taylor is now back to full fitness after suffering a serious Achilles injury against Chelsea in December last season, leaving his impressive campaign up to then in ruins.
The 27-year-old has represented England at every level from Under 16s up to captaining the Under 21s and he was named in the senior squad for a friendly against Germany in 2007, but did not get to make his debut.
The all-action defender admits it would be a massive honour to win a recall to the England squad, but all that he is focused on at the moment is continuing to give his all for Newcastle.
"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," Taylor told Sky Sports.
"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."