Pochettino was sacked by Tottenham Hotspur last November but recently talked up a return to the Premier League for the 2020-21 campaign.
Newcastle could soon become the wealthiest side in England's top flight, with a Saudi consortium thought to be in talks with Mike Ashley over a takeover.
Steve Bruce is still in charge at St James' Park, but according to Ardiles, the Magpies have offered his close friend the opportunity to become their new manager.
"Mauricio is fine in England. He is linked with Newcastle United and when he spoke directly to that club there were many first-rate people involved who made him a good offer," The Mirror quotes Ardiles as saying.
"Mauricio had a (contractual) relationship with Tottenham, but last Tuesday his situation was unlocked and he is free to coach. In this way, he will hear offers again, but Newcastle is a firm possibility to work again. He will take his time to think and wait a little for all this to happen."
Pochettino also managed Southampton in the Premier League between January 2013 and May 2014 before arriving at Tottenham. body check tags ::