Arsenal or Villarreal - who play each other on Tuesday - will await the winners of the mouthwatering clash between the Portuguese giants and the Magpies, and the game will be shown live on NUFC TV.
Former Newcastle goalkeeper Steve Harper will join John Middleton in the commentary box at St. James' Park as some of United's stars of the future take on the current cup holders.
Porto beat Sunderland 5-0 in last year's final and this season qualified from Group E behind Arsenal - and ahead of Bayern Munich - before beating Liverpool at the quarter-final stage.
However Newcastle have also performed well in the tournament, finishing as runners-up in Group A with wins against Sparta Prague and PSV, before knocking out Sunderland last month.
Kick-off on Thursday night is at 7pm (BST) and admission is free for season ticket holders and members, otherwise it's £3 for adults and £1 concessions.
NUFC TV's free, high definition coverage will start at 6.55pm.