The club confirmed four days ago that Targett had joined on a permanent deal after a successful half-season loan from Aston Villa.
The deal, including the loan fee, will cost Newcastle £15million.
Reports, however, suggest that Targett’s impressive stint under Eddie Howe has seen the player rewarded with a new bumper contract.
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The Mirror claim Targett signed a four-year deal worth over £100,000-a-week, a massive increase on his rumoured wage at Aston Villa.
After signing for the club, Targett said: "I’m over the moon to have signed here permanently. I had such an enjoyable loan – the fans, the players, the staff, they’ve all welcomed me and I’ve really loved my time here.
"I spoke with the manager just before the Burnley game, and he said he wanted to sign me. After the last game of the season, it was quiet for a bit, but about a week ago, it started to liven up. We’ve been back and forth, and I’m just over the moon that we got it done.
"When you’re on loan, you want to make a good impression with your performances and how you act off the pitch. I think I did that, and I’m really looking forward to the next four years."
Head coach Eddie Howe said: "Matt had a fantastic impact after joining on loan in January and made a big contribution to some excellent team performances. He’s a great lad, and a top professional, who undoubtedly makes us stronger, so I’m delighted he sees his future here."