HITC Sport understands that discussions are at an advanced stage and that the youngster will be on Tyneside in the next 48 hours.
Talks between the two clubs are believed to be at an advanced stage, with the 19-year-old due on Tyneside in the next 48 hours to hold talks with the Magpies.
Steve McClaren has been busy bolstering his first-team ranks this summer, with some notable additions made at a senior level.
He is now looking to recruit with one eye on the future, with Toney seen as a player Newcastle can mould and develop into a Premier League star.
The youngster will not be arriving at St James’ Park as a rookie, though, having made his debut for Northampton back in 2012 as a 16-year-old.
He has plenty of experience on a League Two platform under his belt, but will be aware that he is taking a giant leap in class by pushing through a move to the top-flight.