The Toon have called a press conference for 2pm where Parker, a £10m signing from Charlton in January 2004 is to unveiled to the Geordie public.
Parker was beset by injuries during his time at Stamford Bridge.
He never had the chance to establish himself in Jose Mourinho's side and goes to Newcastle to kickstart his career and try to get back into the England squad, in what will be a World Cup season.