Woodman has been on loan at Swansea City since the summer of 2019 and has been impressive in the Championship over the last season-and-a-half.
The 23-year-old is playing regular first-team football at the Liberty Stadium and is part of a side who are battling to be promoted to the Premier League this season.
Woodman is happy at Swansea, but stressed that the long term plan still is to return to Newcastle and be their number 1 goalkeeper.
However, he insisted that moment has not come for him yet and believes his job now is to make sure that he continues to prove himself and stay at the top with Swansea this season.
“One day I want to be. That’s why I’ve signed long-term at Newcastle”, Woodman told The Athletic.
“Wherever I go to or whatever I do, I want to know, ‘This is the best of me, I can’t give any more’.
“I’d love that to be as Newcastle’s No 1 but that moment certainly isn’t now.
“My ambition right now is to continue proving I deserve to be Swansea’s No 1.”
Woodman has kept 14 clean sheets in the Championship this season and has played a key role in helping the Welsh side to have the best defensive record in the league.