McClaren, under pressure with the Magpies 19th in the Premier League, took training as scheduled on Tuesday.
The board - minus the ex-England boss - met away from Tyneside on Monday.
Newcastle are in danger of a second relegation in seven years after five defeats in six league games, including Saturday's 3-1 loss to Bournemouth.
On Monday, managing director Lee Charnley, chief scout Graham Carr and club ambassador Bob Moncur discussed possible ways forward with 10 games of the season remaining.
McClaren took over in the summer after leaving Championship side Derby but has only won six of his 28 top-flight matches in charge.
Former club owner Sir John Hall claimed the 54-year-old should be sacked, while Alan Shearer, Newcastle's record goalscorer, has described the club as a "mess from top to bottom."
The NUFC Fans' Forum - a representative body of supporters' groups - has called for action to be taken in an open letter to the club's hierarchy.

The building has been closed for two years after it was declared unsafe.
The film's producers want to use the main entrance for around six weeks as a location when filming begins in July.
Campaigners have arranged for engineers to survey some of the damage around it but hope work could enable the foyer and main hall to stay open.
Ian Hill, the director of Save The Coal Exchange, said any remedial works would allow the building's front entrance, foyer and main hall to continue to be used once The Crow has finished filming.
"We are taking the opportunity to make sure that when the door opens, it stays open," he said.
"The Crow will be on site for around six weeks. When they leave, we hope to be able to keep the front door open, and give the public access to the foyer and main hall."
The fee paid by the film's producers should cover the cost of making the entrance safe. The Crow will be shot on location in south Wales, and at the Pinewood Wales studios in Cardiff.
The owners of the Coal Exchange went into liquidation last year, with around £5m currently owed to Cardiff Council and two banks.
The building is considered to be one of the capital's most significant historical landmarks, and was the place where the first ever £1m cheque was signed. In recent years it had been used as a concert venue and office space until its closure in 2013.
Discussions have already begun with the hope of transferring the ownership of the Coal Exchange to the charity which is campaigning to save the building.
It plans to raise around £15m to fund the restoration of the building over the next three to four years, if the initial works are successful in partially reopening the venue.
THE COAL EXCHANGE - TIMELINE
Actor Jack Huston is widely reported to be in talks to take on the lead role in The Crow, which will be filmed at Pinewood studios on the outskirts of Cardiff.
It will be the first multi-million pound A-list film to get made at the new facilities.
The original 1990s film starred Brandon Lee, who died on set after being accidentally shot.

14 September 2015 Last updated at 11:49 BST
Brothers George Skrzynecky and Lucian Poznanski were born in Germany after their Polish mother was sent to a forced labour camp.
When she became ill and could not look after them, the twins were taken to Poland and adopted separately.
For many years they did not know each other existed.
In the 1960s George, who now lives in America, tried to find his brother but he could not be traced.
But after a successful search last year the twins have finally been reunited.
Watch the clip to see the moment the twins meet each other for the first time.
Steve McClaren remains in charge of Newcastle United, with a board decision on his St James' Park future expected in the next 48 hours.
[NEXT_CONCEPT]
The Hollywood remake of The Crow, which will be filmed in south Wales this summer, could help reopen Cardiff's historic Coal Exchange.
[NEXT_CONCEPT]
A pair of twins, separated at birth at the end of World War Two, have been reunited after almost 70 years apart.