The Magpies finished 11th last season following a remarkable turnaround under head coach Eddie Howe in 2022. Since then, the club has been bolstered by the summer signings of Matt Targett, Nick Pope and Sven Botman.
And with more signings expected to follow before the start of the Premier League season on August 6, Given believes Newcastle can keep the momentum building into the 2022-23 campaign.
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“They need to ride that crest of a wave because the feel-good factor is back at Newcastle,” he said. “The way they finished the season, the city is absolutely bouncing now.
"If you go up there to cover a game, the atmosphere is just phenomenal, you've got the Wor Flags behind the goals and it's a special place to play. Eddie Howe and his staff have galvanised the city as much as the football club and there is a real feel-good factor again.
"These signings, and I imagine there will be a few more before the window closes, I think there is a real chance, I don't want to get excited here, of top seven, top eight I think.
"If you say anything above that then people will...all right top six!”
No Newcastle player in history has played more times in European competitions for the club than Given.
The 46-year-old former goalkeeper made 61 appearances in the Champions League, UEFA Cup and Intertoto Cup competitions. And now those European nights don’t seem too far away.
“You don't want to put pressure on Eddie Howe as well because of the money they have to spend, it doesn't automatically happen overnight,” Given told talkSPORT.
"But I think if they can build on last season and the feel-good factor then there is no reason why [they can't finish in the top eight], if they start the season well.
"You remember after 14 games last season they didn't win a game and no club has ever stayed in the Premier League after that.
"What they did in the second half of the season was phenomenal and the signings of course, the likes of [Kieran] Trippier, Dan Burn and [Bruno] Guimaraes last January [were] fantastic signings.”