The 26-year-old impressed during a half-season loan with The Magpies last season as he made 16 appearances to help Eddie Howe’s side climb out of relegation danger and finish 11th in the Premier League table.
It was understood that Newcastle had an option to make the loan move permanent for £15million, minus any loan fee paid to Villa back in January.
Following the arrival of Dan Ashworth as the club’s sporting director this week, Newcastle are now pushing through with the deal which will see them pay around £12million to Aston Villa for Targett.
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According to Sky Sports, Targett has completed his medical at Newcastle ahead of a permanent deal.
A move for the defender was always going to be the most straightforward to complete for Newcastle this summer given that the framework for the deal was already in place and Villa were willing sellers.
Even if you include the loan fee, £15million represents shrewd business for a Premier League proven player who still has his best years ahead of him.
And when discussing his future at Newcastle previously, Targett said: “We’ll see [if I’ll stay], 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.”