The 26-year-old left-back has become surplus to requirements at Aston Villa since they signed Lucas Digne from Everton.
Digne is Steven Gerrard’s first-choice left-back and Targett was an unused substitute in their last two Premier League games.
Newcastle have been in talks with Villa to secure a deal to sign Targett until the end of the season.
And Newcastle have now worked out an agreement with Aston Villa to secure a deal to sign Targett on loan.
The two clubs have now a deal in place for the left-back to move to the north east for the rest of the season.
Targett is now expected to travel to Newcastle and undergo a medical ahead of joining the Magpies on loan.
Eddie Howe has been looking to bring in a new left-back for his squad throughout the January window.
Newcastle are aiming to sign three players today to strengthen their chances of survival this season.
