The Merseyside official took charge of three games involving the Magpies last term - the 1-1 draw at Tottenham and 2-0 defeats at Southampton and Chelsea - but this will be his first Magpies match of the current campaign.
Bankes was promoted to Select Group 1 ahead of the 2019–20 campaign and his first Premier League game was at the King Power Stadium as Leicester beat a Bournemouth side managed by Eddie Howe in August 2019. His first top flight red card came in February 2020, when he sent off Newcastle's Valentino Lazaro against Crystal Palace.
He has refereed 11 games in all competitions this term, showing 48 yellow cards and one red card.
On Sunday, Bankes will be assisted by Gary Beswick and Ian Hussin, with Anthony Taylor the fourth official.
Paul Tierney will be the Video Assistant Referee at Stockley Park, assisted by Lee Betts.