The midfielder has spent the last eight months on the sidelines with a knee injury.
He won't be ready to feature during the upcoming encounter, but should the Magpies progress beyond the quarter-finals, the 28-year-old has expressed his desire to contribute in the next round.
"I'm going to go to Benfica and do a bit of training out there and watch the game," he told the Newcastle Evening Chronicle. "I won't be ready for it, but I'll be out there with the lads.
"Hopefully, we'll go through. I might be available for the semis if we get through. Who knows?"
Taylor joined Newcastle from Wigan Athletic back in 2009.