After the club finished a lowly 16th in the Premier League, some fans had called for the sacking of the man who had guided them to a fifth-placed finish last season.
|7/2||Cheikh Tiote is 7/2 with William Hill to not be at Newcastle next season
He told the club's official website: "Everyone connected with the club was disappointed to finish where we did last season, particularly on the back of such a fantastic year prior to that.
"Our discussions on Wednesday were very constructive and we pinpointed a number of factors that contributed to a season which fell below expectations.
"We are now looking forward and are entirely focussed on the forthcoming campaign, with the expectation of at least a top ten finish in the Premier League.
"There has been a great deal of speculation in recent weeks but our desire, as we announced back in September, is to bring long-term stability to this club.
"It's up to us all now to work closely as a team to ensure next season sees us competing in the top half of the table again.
"We would all like to thank the fans for their continued support and assure them we remain committed to providing affordable football at St. James' Park."