Newcastle forward joins promotion-chasing team
Toney has joined Scunthorpe United until the end of the season.
The 21-year-old – who returned from League One leaders Wigan earlier this week – had previously had a spell at Glanford Park last season, scoring seven goals from 17 appearances.
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Hide AdToney, signed from Northampton Town in 2015, scored six goals for Wigan.
"It's a great club and there was disappointment last year in not winning the play-offs," said Toney. "Hopefully, we can do better this season and I can't wait to get started."
Scunthorpe are fourth in the League One table.
Toney has also had spells at Barnsley and Shrewsbury Town since joining Newcastle.