I reckon a few people in this thread are watching them closer than I am, but I don't see how a manager doing exceptionally well, and an outperforming squad with a few bona fide stars is a recipe for immediate ascension to the upper tier of the league.
They have piles of money and a rational approach, but I don't think any other cashed up club in the league's history has achieved such a feat.
That's why despite their progress I predict they will have to work more in the market, and turn over their squad for a little longer to reach that level.
Looks like there are two spots up for grabs in the top four this season, and Newcastle will have to get past three of United, Chelsea, Spurs and Liverpool to arrive in one of them. These days that's a list of four clubs with comparable or better squads, and regrettably all of them now have competent managers.