England Under-21 striker pens new deal after continuing his ascent through the club's ranks to become a regular in Alan Pardew's first-team squad
The England Under-21 striker, younger brother to Newcastle forward Shola, first appeared for the side last May against Chelsea and, after a successful pre-season, has already made seven appearances for the Magpies this term.
Ameobi spoke of his pride for playing at the club he's loved since a boy and his affinity for manager Alan Pardew.
"It means a lot, it means so much," Ameobi told Newcastle United's official website. "I was born here, I've grown up and watched the club over the years. My brother Shola's here and it's the club that I love - and I love a lot.
"To be able to come onto the pitch and play in front of those fans is an amazing, amazing feeling.
"It's good that I've got a manager who really likes me. Hopefully I can keep doing what he wants me to do and show him that he can trust me to play.
"I want games for the first-team so hopefully I'll be able to get that experience sooner rather than later."
The 19-year-old recently made his first appearance for the England U-21 setup against Iceland before garnering his first start against Belgium, an occasion that further pleased the young striker.
"I loved it," he said. "I got on really well with all the lads and we won the first game 5-0. Unfortunately we got beat in the second game but I really enjoyed the experience of both matches.
"The next game's not until February [a European Under-21 Championships qualifier return fixture at home to the Belgians], so hopefully I'll get picked for that and we'll go on from there."
Third-place Newcastle United travel to league leaders Manchester City on Saturday afternoon.