The former Rangers star was thought to favour a move to a Premier League side but will now have talks about a possible stay at St James' Park, according to his agent Ivan Marko Benes.
Benes told Sporten.dk: "We have agreed with Newcastle that we will have a talk with them as soon as they know who will be the manager for the next season. For Peter, Newcastle has priority.
"We are waiting for Newcastle, but at the same time we know that Peter doesn't have a contract for the next season so we are looking at other options.
"But things are still not closed with Newcastle."