Toney - whose hat-trick helped the Magpies' under-23 side lift the Whitby Town Challenge Cup on Saturday - has linked up with Paul Cook's Latics, penning a loan deal which will keep him at the DW Stadium until the end of the 2017/18 campaign.
Twenty-one-year-old Toney also spent time away from St. James' Park on loan last season, featuring for Shrewsbury Town during the first half of 2016/17, before his seven goals for Scunthorpe United helped the Iron into the League One play-offs.
Since joining from Northampton Town in August 2015, Toney has made four senior appearances in all competitions for the Magpies.