The Magpies were reportedly interested in signing Schick back in January following his prolific start to the season in the Bundesliga.
A £50million price tag was put on the Czech Republic international, who was joint-top goalscorer at Euro 2020 last summer.
And after finishing the 2021-22 campaign with 24 goals in 27 appearances for Leverkusen – outscoring future Manchester City arrival Erling Haaland in the German top-flight – Schick has put pen to paper on a contract extension until 2027.
Newcastle have monitored Schick since 2019, when he reportedly turned down the chance to sign for the club on loan from AS Roma. Instead he joined RB Leipzig for the season before making a permanent switch to Bayer 04 in 2020.
After signing his new deal, Schick told the club website [translated from German]: "I just feel good here. But above all, our team is a promise for the future.
"It's a lot of fun with these guys and we really want to [achieve] something. Qualifying for the Champions League is a good next step. A lot is possible here, which is exactly why I extended my contract at Bayer 04.”
Eddie Howe’s side will now turn their attention to other attacking options ahead of the summer window opening on June 10. Stade de Reims’ teenage forward Hugo Ekitike has been strongly linked having turned down a potential move to Newcastle back in January.
Everton forward Dominic Calvert-Lewin is also on the club’s radar.