The former England worldwide met Lee Charnley, Newcastle's managing director, and Steve Swinyard, the head of safeguarding, at St James' Park yesterday to discuss the accusations that have been made against him by a number of the club's young players.
Some players also allege that Beardsley accused them of being older than they actually were.
Newcastle United announce that Under-23s boss Peter Beardsley "will take a period of leave" while an investigation continues into complaints made against him.
Newcastle United's Peter Beardsley has taken an "agreed period of leave" as the club investigates allegations of bullying by the under-23 coach.More news: Kansas lawmaker apologizes for remarks about black people
The Premier League club released a statement on Wednesday (AEDT) to confirm the news, but said no further comment would be made until its investigation is completed.
Beardsley, who denies the allegations, arrived at Newcastle's Academy to take training on Tuesday morning but left shortly afterwards, having being called to St James' Park. The complainants are due to give their evidence this week.
"It would be inappropriate for the club to comment further until the conclusion of this investigation".
It is not the first time Beardsley - a member of the England side that reached the 1986 World Cup quarter-finals and 1990 semi-finals - has been subject to an inquiry over bullying accusations.