UK bookmaker BetFred for a top-10 finish in the Premier League next season after securing a return to the top flight.
The Magpies clinched promotion on Monday when promotion rivals Nottingham Forest failed to beat Cardiff.
Now the bookies are pricing up Newcastle's 2010/11 performance and although they are fancied to stay up, Betfred feel a top-half finish is unlikely, making that outcome an 8/1 shot.
Betfred spokesman Mark Pearson said: "A lot depends on how much Newcastle spend in the summer but we believe they have the experience to stay up. We expect a season of consolidation, that's why a top-10 finish is 8/1."
Betfred also offer 5/4 that Newcastle finish above local rivals Sunderland, while they make Chris Hughton's side 9/2 to go straight back down to the Championship.