The 19-year-old moves to St. James’ Park for an undisclosed fee and has signed a long-term deal with the Magpies.
Northampton-born Toney made his senior debut for his hometown club in 2012 aged just 16 – becoming the youngest first-team player in the Cobblers’ history.
Last season, he made 44 appearances in all competitions, scoring ten goals.
“I’m happy to be here and very excited,” said Toney.
“The players here are a great standard and I can’t wait to get going and show what I’m all about.
“Being a young lad who is scoring goals in the Football League was a great thing. Now I want to progress here and eventually do it in the Premier League.”
Peter Beardsley, football development manager at Newcastle United, added: “We have been very impressed with Ivan already.
“He is a very good player, with great enthusiasm and a first-class attitude, and has all the attributes to have a bright future at the Club.”
6 August 2015
2015-16 season tickets are on sale now. Adult tickets available from £525 and juniors from £250. Call 0844 372 1892 or visitwww.nufc.co.uk