McFadden is available on a free transfer after leaving Sunderland and after seeing the Scottish international in training for himself, Black believes that it would be a huge coup for his club if they can sign the 29-year-old.
Black told Scotsman.com: "I don't know what he's thinking or the club is thinking but we would love him to join.
"He's a top, top player, you can see that in training. It would be a huge boost if we could get him.
"You could look towards someone like that to pick you up extra points as the season goes on."
McFadden scored 32 goals for Motherwell at the start of his career.