The 21-year-old joined the League One side in the summer, and made a total of 28 appearances in all competitions for Paul Cook’s promotion-chasers.
In that time, Toney scored a total of six goals for the Latics – four of which came in the league, and a further two in the FA Cup.
Former Northampton Town forward Toney joined the Magpies in August 2015, and has made four appearances for the Magpies to date.
Since arriving at St. James’ Park, he has also spent time on loan at Barnsley, Shrewsbury Town and Scunthorpe United.