The Magpies sat 19th in the Premier League when Targett made his debut for the club against Everton back in February.
But an impressive turnaround in form saw Eddie Howe’s side climb comfortably away from relegation danger as they now have their sights on a top-half finish heading into the final day against Burnley.
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Once Targett’s loan expires next week, Newcastle do have a £15million option to buy the player on a permanent deal minus the £2million loan fee paid to Aston Villa in January.
It would be an easy deal to complete and both Targett and the club are open to getting it done. But when asked about his future, the defender was realistic and honest about his chances of a permanent return.
"We’ll see,” he chuckled. “It's up to the club, the owners have got so much money and I'm sure they could go get anyone they want.
"But it's a very exciting project here and if I'm here next season then brilliant but if I'm not then I'll be looking from afar and hoping the club does well.”
Targett then told The Gazette: “No matter what happens, if I'm here next season or not, I'll always look back on my time at Newcastle as very successful having helped keep this great club in the Premier League.”
Newcastle played their final home match of the season at St James’s Park on Monday night as they claimed a 2-0 win over Arsenal.
Targett played the full 90 minutes of the match and was serenaded by the home supporters at full-time.
“The fans have been incredible since I've been here,” he admitted. “The support I've had has been incredible and I can't thank them enough because they've made my time here really special – it's been brilliant.
“The fans, it feels like they're on the pitch with you and the noise unsettled a good team like Arsenal and gives so much confidence to the players. It's the best atmosphere that I've played in.”