The Colombian, 42, only spent two years on Tyneside between 1996 and 1998 but was popular among Toon fans.
He told The Sun: "A year ago I spoke with Newcastle's owners about bringing over players from my coaching school (in Colombia). It didn't happen due to some requirements of the English league but then, during informal meetings with fans, I said I'd be interested in returning.
"That encouraged the owners and three months ago they invited me over.
"I'm motivated and like the city. I often accompany the team when they are travelling in England. It is a significant opportunity and hopefully something will materialise."
Asprilla scored nine goals in 48 appearances for the Magpies.