The France international is set to spend the season with Alan Pardew's side and will undergo a medical with the club on Monday
The 26-year-old will undergo a medical with Alan Pardew's side on Monday ahead of completing his switch to St James' Park.
After signing from Marseille in January, Remy scored six goals in 14 Premier League appearances for QPR but could not prevent Harry Redknapp's side from relegation.
Redknapp had warned last week that Newcastle would have to pay £2 million in order to sign the France international on loan for the season but insisted the striker would offer a significant threat in front of goal.
"Make no mistake, he will get between 15 and 20 goals next season if he goes to a Premier League club," said the QPR boss.
"He is a top-class player, a player for any club in the Premier League in my opinion."
Newcastle are also set to bolster their attacking options further with the signing of Bafetimbi Gomis from Lyon.
The two sides have agreed a fee for the 27-year-old, who scored 16 goals in Ligue 1 last season, but the French club's president Jean-Michel Aulas has revealed that the deal may be delayed for another week.
"We have accepted Newcastle's conditions and Gomis has accepted theirs too. It could still go haywire," Aulas said.
"There are minor issues which could cause problems. Either way, the deal won't be done for another eight days probably."