Despite being just 19-years-old, Toney already has three Newcastle first-team appearances to his name.
However he has only played 36 minutes of senior football at the club so a loan move would benefit his development.
He has enjoyed a good spell in the under-21 Premier League this season, scoring five and assisting three in eight games for the side.
Toney joined Newcastle from Northampton Town, where he scored 11 and assisted five in 53 appearances for the club.