The ground has been Newcastle's home since 1892, with it's last renovation in 2000.
“The truth is, we haven’t decided," Hopkinson told talkSPORT regarding plans of a stadium upgrade.
“St. James’ is a magical place, it’s going to be an extraordinary place on Saturday when we play our next match.
“It’s 53,000, we think we could be bigger and that of course is revenue, a major investment.
“We haven’t made the final decision on what we’re going to do here, we are working on this every day, deciding whether it’s here or a new site, where it’s a renovation or new stadium.
“But we’ve got an opportunity we’re pursuing and working on every day.”
He added, "I think a new stadium is something we’re considering, but not really moving that far.
“We don’t want to be in some farmer’s field out in the middle of nowhere. What makes Newcastle so special, such a special place, is that St. James’ Park is right here in the centre of town makes sense.