The 28-year-old has no future at St James' Park and is currently spending a loan spell in Belgium with Standard Liege, where he has made 10 appearances.
However, according to Football Insider, the Magpies are likely to recall the Englishman in order to facilitate a move to an English second-tier team.
Hayden has recently dropped down the pecking order at Standard Liege, but it appears that opportunities will materialise in the Championship over the coming weeks.
Although Hayden has a contract until 2026, the Magpies will want to keep as much of his wages off the wage bill as possible in order to boost their FFP position.
Meanwhile, Everton are reportedly keeping tabs on the development of Manchester City youngster Alex Robertson.
Having not made his first-team bow at the Etihad Stadium, the 20-year-old has been given the platform to impress in League One with Portsmouth.
The Australia international has not disappointed, contributing one goal and four assists from his 20 starts and three substitute outings in the third tier.
According to Portsmouth-based outfit The News, Everton have been left impressed with the performances of the central midfielder as they contemplate making improvements with their restricted budget.
Pompey are said to remain confident that they will be able to retain his services for the remainder of the campaign as they bid to win the League One crown.
Nevertheless, Everton have a domestic loan slot at their disposal and will want to have minimal impact on their wage bill courtesy of their well-documented financial problems.
Despite their recent revival, Nottingham Forest reportedly plan to be significantly busy during the January transfer window.
Nuno Espirito Santo has guided Forest to victories over Newcastle United and Manchester United during the Christmas and New Year period to move the club five points clear of the Premier League relegation zone.
With the East Midlands outfit having purchased a wide array of players over the past three transfer windows, they possess a well-stocked squad and must ensure that they remain within FFP criteria.
However, The Mirror suggests that Forest's hierarchy will be active over the coming weeks as they look to help Nuno take his side towards the top half of the table.
The report suggests that Forest will act given that Andrey Santos will return to parent club Chelsea and key striker Taiwo Awoniyi remains sidelined through injury in the long term.
Forest are also allegedly keen on signing Brazilian centre-back Nino from Fluminense, with the player available for a fee in the region of £6m due to a release clause.