They have been the big movers in the division when it comes to signing players having splashed out on Matt Ritchie, Dwight Gayle, Matz Sels, Jesus Gamez and, on Monday, Isaac Hayden.
And they have not finished spending, it would seem.
Reports say the Magpies have had two bids (£3.5m and £4.5m) for Blackburn Rovers' defender Grant Hanley rejected.
They are rightly viewed as the team to beat, a burden many have carried at times in recent seasons and one which they have not always coped with very well.
The last favourites to win the Championship title were Kevin Keegan's Man City back in 2002.
Will Newcastle handle the title of favourites?
The Championship can laugh in the face of reputation and teams will see facing Newcastle as a challenge to relish.
Some will view running out in front of a huge crowd at the impressive St James' Park as their "cup final" and the date will be ringed on quite a few calendars.
Benitez, experienced as he is, has never tasted life in the Championship with its volume of games and unique tests although it must be remembered that his Liverpool and Real Madrid sides played plenty of fixtures given their European commitments.
Newcastle were last in the Championship six years ago and while it remains as fiercely competitive as ever, I don't believe for one second that the quality has improved since 2010.
This is one season the favourites WILL beat the bookies.