Tov has been named Newcastle’s captain in the team’s next two games and has been included in a new five-man squad.
He has been a key member of the Magpies’ midfield for the past two seasons.
Tov scored Newcastle’s third goal of the season on Sunday against Hull.
“I think I’ve had a very good season for the club and I think I’m one of the better performers in the squad,” he said.
“I’m very happy to be a part of this team.”
Tov said he was looking forward to being part of the Newcastle-owned new training ground and had already spent time training in the gym.
“We’ve got to start working hard for the next two weeks and that’s why I’m going to come here,” he added.
“It’s a big opportunity and I’m looking forward for it.”
Tovell will be in contention for a starting spot when Newcastle take on Norwich in the first leg of the final of the FA Cup on Wednesday night.
Meanwhile, Newcastle are also in discussions with Hull over a loan move for Manchester City defender Joleon Lescott.
Newcastle have made enquiries for Southampton’s Leroy Fer, who was also on loan at Newcastle last season.