This will be the 37-year-old's third game involving the Magpies this term after overseeing the Magpies' 1-1 draw at Wolverhampton Wanderers in January, in which Bankes booked Miguel Almirón, Matty Longstaff and Christian Atsu.
The Englishman was also the man in the middle for Newcastle's Emirates FA Cup fourth round replay win at Oxford United this month, showing yellow cards to Florian Lejeune and Nabil Bentaleb as United booked their place in the last 16 with a narrow victory after extra-time.
The clash at Selhurst Park will be Bankes' seventh game as a Premier League referee after his promotion to the Select Group 1 of referees last summer.
So far this season, Bankes has overseen a total of 20 games across the Premier League, Championship, FA Cup and Carabao Cup and has currently dished out 82 yellow cards and two reds.
On Saturday, Bankes will be assisted by Ian Hussin and Harry Lennard while Stuart Attwell will be the fourth official.
Andy Madley will be the VAR and will be assisted by Adrian Holmes.