"I am really looking forward to playing in front of the fans", Muto told the club's official website.
However, we may have issues agreeing on a transfer fee for our top two left-back targets so a move for the West Brom fullback can not be ruled out.
The Venezuelan worldwide has made an instant return to the top-flight of English football after being a part of the West Brom squad that succumbed to relegation last term.
Dwight Gayle has joined West Brom as part of the deal.
Rondon said in the club statement: "It's an honour to be here and I'm excited to get started with my team-mates". The club's profit stands at around £28 million without taking into account the money from TV rights - and Newcastle are scraping by.
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"The clubs were talking for a long time and now I'm focused on the season to help my team mates to get the points to do well this season".
West Brom will also welcome a proven Championship goalscorer into their ranks in the shape of Gayle.
"I think if a bigger club had already been in for Rafa he would have been gone", Allardyce added.
However, further investment is needed this summer to ensure that they can sustain their place in the Premier League.
Formerly of Malaga, Las Palmas and Zenit St Petersburg, Rondon is on the move after three years with West Brom, as he was always unlikely to stay and play in the Championship following their relegation.