The League Two strugglers are looking for their third manager of the season following the dismissal of Harry Kewell on Tuesday.
Nolan, 36, who was sacked by the club in August, is among those being considered for the role, says the Daily Mail.
The former West Ham United man has held initial talks with officials over what would be a stunning return to Meadow Lane, after a move for former Oxford boss and Leicester City assistant Michael Appleton failed.
Nolan took charge of the Magpies in January 2017 and led them to the League Two play-offs last season. However, the ex-Leyton Orient manager was shown the door after they picked up one point in five league matches.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!