Waddle is calling for there to be stability at Newcastle
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Chris Waddle says Newcastle should pin their hopes on Glenn Roeder becoming their full-time boss because of the lack of top-class managers available.
"It's like the England job, nobody hits you in the face," said Waddle.
"Glenn's credentials are OK. He knows the club, knows the area, and knows what the fans want and he's been getting results in the job already."
Roeder is currently prevented from taking over as he does not have the necessary coaching qualifications.
But the club are still hopeful of by-passing Premier League regulations which stipulate that all managers most hold a Uefa Pro Licence.
Newcastle could get round the rules by convincing two thirds of Premiership chairmen to back Roeder's appointment.
If Newcastle are successful in their bid to install Roeder to the helm, he would remain the eighth boss - including caretaker managers - to take over since Kevin Keegan's departure in 1997.
Waddle says whoever takes over needs time to establish themselves.
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Glenn has done well as caretaker boss and as there are no obvious candidates sometimes you're better sticking with someone you know
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"The club are desperate to win something, but getting rid of the manager every season is not going to work," the former England international, who spent five years at Newcastle in the early 1980s, told BBC Sport.
"You need a plan. It might take two years to put into action but if it reaps the rewards in two-three years time then it's worth it."
Several people have been touted as possible successors to Graeme Souness, among them Martin O'Neill and Sam Allardyce, but Waddle says no-one stands out.
"Glenn has done well as caretaker boss and as there are no obvious candidates sometimes you're better sticking with someone you know," said Waddle.
"But it's time to put someone in place for the next five to ten years."
Roeder took over the reins at St James' Park in February
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If Roeder is given the go-ahead to take charge at Newcastle, Waddle believes he could be the man to bring the good times back to St James' Park.
Since taking over from Souness, who was sacked in February, Roeder has guided up the table by winning 10 out of the 16 games.
"Glenn knows what the club wants," said Waddle. "They've got to play attractive football because the fans demand it and so far he's been able to deliver.
"But if he does end up getting the job, he'll have to say they need four to five players to make this team strong again because the team they've got at the moment is decent but it's not going to challenge the top four."
Roeder may get Waddle's approval, but out-going Charlton boss Alan Curbishley does not feel he should be handed the job without the necessary credentials.
Curbishley, who is on the committee of the League Managers Association (LMA), said: "I have nothing against Glenn Roeder personally, but this is a rule the LMA have fought hard for because there are a lot of experienced and qualified managers going out of the game.
"When a job does become available, the LMA feel that the applicants should be those people who have got their qualifications and they should be given the opportunity to get back into football.
"Everybody signed up to these rules and that is the way it is. The LMA are adamant about the process and it is just unfortunate that Glenn Roeder has got caught up in it all."
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