Juventus will pay Newcastle a 3.5 million pound loan fee, with the agreement containing neither an option nor an obligation to make the Germany international's move permanent.
Woltemade made 53 appearances in all competitions for the Magpies, scoring 11 goals, but his opportunities were expected to become more limited following the arrival of Fernandez-Pardo.
The Bianconeri had also held talks over Manchester United forward Joshua Zirkzee, but ultimately opted for Woltemade after deciding he was a better fit and a cheaper solution.
The German forward also offered Juve greater flexibility, with Newcastle retaining control of his future through the absence of any permanent-transfer clause.
Juve have also brought in Pape Matar Sarr, Randal Kolo Muani, Jonathan Lucumi, Guglielmo Vicario, Kamil Grabara, Kerim Alajbegovic and Mehmet Zeki Celik.
Under new manager Luciano Spalletti, the two-times Champions League winners will be looking to have a better season after a disappointing campaign last time out in which they finished sixth in Serie A, missing out on the Champions League spots and having to settle for a Europa League berth.
Matias Fernandez-Pardo is edging closer to a first start for Newcastle, although head coach Matthias Jaissle expects to wait until late before deciding if he'll face Leeds on Monday.
Gabriel Jesus has revealed he was unexpectedly separated from Arsenal's first-team squad during the final stages of his time at the club before securing a move to Barcelona.
Harry Kane, Lamine Yamal and Kylian Mbappe headline the 30-player shortlist for the 2026 Ballon d'Or, with the winner to be announced at the ceremony in London on October 26.
Liverpool midfielder Alexis Mac Allister has admitted he was "very, very sad" after being told the club was not in a position to offer him a new contract.
