The Dutch shot-stopper was reportedly being chased by the Magpies over the summer, with the Tyneside club having a €2.5m bid rejected.
Earlier this week, there were reports that Toon scouts watched Zoet over the weekend and that he was on a list of goalkeeping targets who would eventually succeed Tim Krul.
However, Newcastle may now have to turn their attentions elsewhere after 22-year-old Zoet signed a contract extension which would lock him down at the Philips Stadion until 2017.
Zoet told the club's official site: "I'm very happy to be here at PSV.
"At the moment I am the first choice keeper at the club and that has always been my goal.
"I feel good with my stay here, so I signed for four years".
Zoet's extension doesn't completely kill off any hope of a move to Newcastle, but the Magpies are unlikely to pursue the keeper any further due the increase in his value.
It is believed that the player himself wasn't so keen on playing understudy to fellow countryman Krul at St James' Park.
After a successful two-year loan stint with RKC Waalwijk, he has slowly established himself as PSV's first choice keeper. He has also represented the Netherlands at Under-17, Under-19 and Under-21 level.
Newcastle remain keen to strengthen in the goalkeeping area and are reportedly keeping tabs on Reading's Alex McCarthy and Watford's Jonathan Bond.
An early setback for the Toon in their January transfer plans. Let us know your thoughts.
image: © FaceMePLS