The midfielder completed a controversial move to St James' Park from bitter rivals Sunderland and has set his sights on European qualification in his first season
Colback is one of seven new recruits to move to St James' Park in the transfer window, joining on a controversial free transfer from north-east rivals Sunderland in June.
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He told reporters: "We've got to be looking at a minimum top-10 finish and then push on to get around the Tottenhams and Evertons and be able to compete against the top four or five teams, not just going out looking not to lose.
"The signings the manager has brought in - coupled with the players already here - will give us the chance to do that I think and it's looking good."
Colback's transfer saw him become the first Sunderland player to leave for Newcastle since goalkeeper Lionel Perez crossed the divide in 1998.
A Newcastle fan growing up, Colback is aware of the frosty reception he may receive ahead of his first game at St James' Park in Saturday's friendly with Spanish side Real Sociedad.
However, the star is determined to win over the doubters and is excited at the challenge of doing so.
"There might be a bit more pressure [due to] the fact I've come from Sunderland. I've got to try to turn the fans' heads at Newcastle and win them over. It's something I'm relishing," he added.
"Newcastle is a huge club and it was a massive opportunity for me to come here.
"I have come to play for my hometown club - the club my family has supported and I have supported. That was the biggest thing. It's a club looking to go places.
"I live in Newcastle, so most of the people I have seen have been Newcastle fans and they have just wished me all the best.
"I know in myself I can improve my game. This is the next step in my career and I have come here to be successful."