The midfielder believes the France international is already an important part of Alan Pardew's side and says it would be a big loss if the club didn't finalise a deal
The France international, who joined for the season from QPR in August, missed the start of the season with a calf injury but has since scored five goals in as many Premier League appearances, including a double in the 2-1 win against Cardiff City last weekend.
"Loic is very important for us. He's a great player and he scored two more fantastic goals [against Cardiff]," Tiote told the Northern Echo.
"I hope he will continue to score because we need him and we need his goals, they are so important for us and at Cardiff they were the difference between winning and losing.
"He's going to be important for us this season and I think if he continues to score and play like he did we will be able to finish in the top 10.
"I hope the chairman will buy him. You never know, but he's already shown how important he is for us and it would be a big loss if he didn’t sign at the end of the season."