Stone served as assistant coach to Michael Hagan and Brian Smith when he first joined the club.
He was promoted to head coach midway through 2009 after Smith was sacked, but stepped back down upon Bennett's arrival in 2012.
Former Newcastle premiership winner Simpson played under Stone in his first stint as head coach in 2009 and 2010.
The NSW and Australian forward said he was unsure of who was the best candidate for the position but described Stone as being up to the job of coaching an NRL team.
"He's a good man and I think he brought some good bits and pieces to the club," he said yesterday.
"It was a fair while ago now.
"But if he's the best person for the job - they should give it to him."
Simpson said the sooner the board elect Bennett's replacement the better as the club seeks to attract talent for next year.
Stone earlier this week told Fairfax he believed he had served his apprenticeship and was ready to resume a head coaching career.
On Sunday, Newcastle great Matthew Johns told his Triple M radio show that his brother and league legend Andrew Johns had been approached about a possible assistant coaching role.