Sporting Lisbon and Barcelona are said to be chasing the midfielder’s signature as he seeks first-team football in a bid to make the Portuguese squad for Euro 2004.
However, if injuries strike at St James‘ Park Viana may finally be granted a run in United’s first team.
"I have to look after myself and Newcastle United in this matter. I have not promised him a move. I have only said that I will consider it,” said Sir Bobby.
"It will all depend on our injury situation and I am being careful and looking at it week by week.
“Hugo won't get a final decision until the end of January. How could we let him go if Gary Speed gets injured? Hugo would be the next midfielder in line. I will not be pressurised by Hugo or his agent."
Surely Lee Bowyer would be the obvious replacement in the middle if Speed were to get injured?