Garth Brennan says he's ready to take the step up as a head coach at Newcastle, believing his understanding of the unique Knights culture will be an asset should the club opt for a Panthers-style rebuild.

Brennan has spent the past four years coaching in the Penrith system and has again enjoyed success in the lower grades. His Panthers NSW Cup side, which won the competition last year, finished the regular season in a share of first place.

It is a remarkable achievement given many of his best players have been promoted to first grade this season to cover for injuries suffered by Ivan Cleary's top squad.

Brennan, whose Panthers side faces Wyong on Saturday, pulled out of the running for the job when Wayne Bennett left Newcastle, describing it as the "right job at the wrong time".

However, he believes the timing is right this time around as the club scours for a replacement for sacked mentor Rick Stone.

"I think I'm ready to take the next step as a head coach," Brennan said.

"I'm really enjoying the experience of learning from Phil Gould and Ivan Cleary and that has really helped during my apprenticeship. If I was given an opportunity, I think I'd be ready for it.

"If I had stayed in Newcastle, perhaps I wouldn't have had the same opportunities and learning experiences that I have picked up in Penrith, which I feel that I'm better for.

"I've now had four years at the Panthers and while our results have been good, I judge success by the amount of players we've produced for the first grade side. That's something I'm very proud of, to see those guys take the next step."

Brennan said the club needs through a rebuilding process similar to the one that began several years ago at the foot of the mountains.

"We've taken a long-term view at Penrith. The juniors don't fall off trees, you've got to spend some time and you've got to farm the farm, which is a term we use in Penrith.

"We need to nurture and develop. That may be what's required at Newcastle and I've had the benefit of being part of that at the Panthers, I think that experience could help."

Knights officials are working their way through a shortlist of candidates which includes Brennan, former Dragons coach Nathan Brown and former Broncos mentor Anthony Griffin.

One advantage Brennan has over the majority of contenders is the fact that he is a Novocastrian who has previously worked in the Hunter.

"Whether it be Brian Smith or Wayne Bennett, if you don't understand the Newcastle culture, you won't be successful," Brennan said.

"Newcastle is different to any other place. It's not to say you are guaranteed success - Stoney is also from Newcastle but it didn't work out. But I think it's an advantage to know what the place is about."

Brennan, who still commutes from Newcastle to Penrith for part of the week, spent 18 years in the police force and faced many life and death situations. He  believes the cut-throat head coaching caper can be just as stressful in its own way.

"I enjoyed my time with the police, I think it moulded me as a person," he said.

"I'm a bit of a disciplinarian and I think that's where I get that trait from. I'm now married and have three children, so it's good to be out of that lifestyle to be honest. The stresses of coaching rugby league can be just as difficult.

"I'm very lucky I've got a very supportive wife and family. My wife is juggling running her own law firm and raising three children while I'm away for a couple of night each week.

"I couldn't do that if I didn't have the support at home."