Some of Sunday's papers claimed the Tyneside greats could form a managerial dream ticket at St James' Park after the departure of Sam Allardyce last week.
But Hall told Radio Five Live's Sportsweek programme: "Alan is the most dedicated professional I have ever met. He will probably be a tremendous manager but I do not think he would be prepared to come in yet.
"Kevin has maybe had his time in football and is now doing other things."
Hall meanwhile believes Gerard Houllier would be a better bet as manager than Harry Redknapp.
The Pompey boss says he's staying at Fratton Park, and Hall says that could turn out to be a good thing for the Toon.
Instead Hall would rather see former Liverpool boss Houllier installed as Allardyce's replacement.
He said: "I am pleased that Harry has dropped out. None of the fans I have spoken to were behind him. They did not feel he was any better than Sam.
"I have a high regard for Gerard Houllier and he could do a job at Newcastle. He did well at Lyon."