The 18-year-old has scored four times in 11 appearances for the Latics and won a series of rave reviews from the local press, prompting manager Iain Dowie to request the extended deal.
Dowie told the club’s official website: "It's very good news, there's been a lot of development, he's only 18 and he's improving all the time.
"It's important when you are developing as a player you get to play games and that's what he's got here.
"We're very thankful to Sir Bobby Robson, John Carver and the rest of the staff at Newcastle for letting him stay with us.
"We hope that Calvin will go on being a real threat for us this season."