The 27-year-old is thought to have impressed Hodgson with his performances in recent weeks, which have coincided with an upturn in Newcastle's form.
Taylor has previously captained the England Under-21s and was named in the senior squad for a friendly against Germany in 2007, but did not make his debut.
He has admitted that it would be a massive honour to earn a recall to the international fold.
"It would be great to get back into the England squad and like any Englishman to represent your country would be the pinnacle of your career," Taylor told Sky Sports News.
"It has been a frustrating time for me with the injuries and time out of action, but now I am fit and feeling good.
"All the talk of playing for England is flattering, but first and foremost I want to help Newcastle and do my best for the club."
Taylor has played 19 times for Newcastle this season.