Pochettino has been out of management since he was sacked by Tottenham Hotspur in November, just five months after leading the London club to the UEFA Champions League final.
The former Argentina international has repeatedly been linked with Real Madrid and Manchester United in recent seasons, yet Zinedine Zidane and Ole Gunnar Solskjaer appear secure in their respective roles.
An appointment at Newcastle has instead been suggested in recent weeks ahead of potential new ownership, with the Tyneside club reportedly close to a £300 million ($569 million) takeover led by Saudi Arabia's Public Investment Fund.
Newcastle head coach Steve Bruce has insisted he would like the opportunity to play a part in the new era, yet Pochettino has spoken of the possibility of staying in England and managing a club outside of the established 'top six' in the Premier League.
Indeed, Ardiles, a former Spurs player and Newcastle manager, suggests his friend and compatriot is now considering an offer after his period of gardening leave came to an end.
"Mauricio is fine in England," Ardiles told The Mirror. "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.
"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."
Former Magpies boss Rafael Benitez and ex-Juventus coach Massimiliano Allegri have also been suggested as ambitious appointments at St James' Park.