The Icelandic's arrival brought a wave of fresh optimism amongst Magpie supporters, though the 49-year-old has remained relatively low profile thus far.
And, despite a visit to his homeland in an attempt to lure fresh overseas talent, the former Stoke boss states that there's little point in rushing into signing a new player.
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"But you find it is harder to get rid of them when you realise you have made a bad mistake.
"It would be easy as a manager to panic, to see good players out there and want to jump in to try to sign them.
"Agents will tell you they have already got two or three offers on the table from other clubs, that the only way you will get them is if you offer X amount of money.
"If you buy that, you can find yourself in trouble.
"You have to take a step back and say 'well, I'm going to make sure he is the right man for us'. That is the only way."
As well as deciding who he wants to bring to Meadow Lane, Thordarson also has to make a decision as to who he wants to depart the Magpies.
Soon-to-be out of contract players Paul Bolland, Steve Scoffham and Saul Deeney still have uncertain futures.
Neither Bolland or Scoffham have been offered new deals at the club, with it becoming increasingly likely - especially in the case of midfielder Bolland - that the players will be released.
Deeney, meanwhile, continues to ignore the offer of a two-year deal, with the young Irish keeper set to try his luck at a higher level.
Others though, are far from safe, with Thordarson admitting that he may try and offload some of the players under contract to free up some room for him to bring in more players he believes are capable of helping the Magpies to a promotion push.
For all the transfer news and gossip, be sure to check back to NCM throughout the summer.