The Journal says Toon are putting the finishing touches to Taylor's new contract as they prepare to offer the centre-back a new long-term deal.
Taylor has been heavily linked with a move away from St James' Park this summer but, as with last year, the rumoured interest has not turned into anything like a concrete offer so far.
That could change over the coming weeks and months as few clubs are planning to do any business until after the World Cup has finished, but Newcastle are increasingly confident that they will be able to persuade Taylor to sign an extension.
United manager Chris Hughton made the retention of the 24-year-old, who has just 12 months left on his existing contract, one of his main priorities following the club's return to the Premier League in May.
Hughton said: "As I understand it, work is being done at the moment on a new contract for Steven Taylor and we are hopeful he will sign it.
"It is something that we have been working on for a while, but these things do take some time."