The 28-year-old was recalled from a loan spell at Standard Liege at the start of 2024.
Hayden featured on 11 occasions for the Belgian outfit, but he headed back to St James' Park last month, and there has been a host of speculation surrounding his future in recent days.
According to Sky Sports News, QPR have won the race for his signature, with Hayden set to join the Championship outfit on loan for the second half of the 2023-24 campaign.
The report claims that the final paperwork has not yet been submitted, but all parties are confident that a deal will be announced before the winter market closes for business.
The midfielder started his youth career at Southend United before moving to Arsenal in 2008, and he eventually progressed to the first team with the London club, making two appearances.
Hayden had a loan spell at Hull City during the 2015-16 campaign before moving to Newcastle in 2016, and he has represented the Magpies on 171 occasions, scoring seven goals and registering 10 assists in the process.
The Englishman represented Norwich City on loan in the Championship during the 2022-23 campaign, featuring on 14 occasions, before joining Standard Liege last September, and he was due to finish the season with the club.
Hayden has 65 Championship appearances to his name during spells with Newcastle, Hull and Norwich, and he is now seemingly preparing to return to the second tier of English football.
Newcastle head coach Eddie Howe said last month that he was "slightly unsure" of the situation surrounding Hayden but said the midfielder was set for another loan spell.
Howe told The Gazette: "Isaac will go back on loan, possibly somewhere else. I'm slightly unsure [if there is a deal lined up].
In the latter stages of the market, the manager then said: "I'm not sure what's happening with [Hayden]."
QPR are currently in a relegation battle in the Championship, sitting 22nd in the table, three points behind 21st-placed Huddersfield Town.
Hayden has a contract at St James' Park until June 2026, and he is expected to leave Howe's side on a permanent basis during this summer's transfer window.