The 21-year-old will join fellow Newcastle player Paul Dummett at St Mirren Park in time for the visit of Kilmarnock on Wednesday.
"Conor Newton's deal will be done today, subject to a medical," Lennon said.
"He is hungry, he has got a fantastic education down at Newcastle, has a very good pedigree. He can play anywhere across the midfield and can fit in at right-back also.
"He's got lovely feet, a good passer of the ball and a bright type. He has fantastic legs and if he has that appetite with the way we play and develop players at this football club, we will certainly improve him."
Newton's arrival until the end of the season could allow St Mirren to sell their own midfield prospect, Kenny McLean.
The 20-year-old will miss the Clydesdale Bank Premier League clash against Killie following knee surgery, but he could be back for the subsequent match and Lennon fully expects him to be fit for the Scottish Communities League Cup semi-final against Celtic on January 27.
And Lennon does not think McLean's knee surgery will necessarily close the door on a January move.
"That depends how much these clubs are desperate to get him," Lennon said. "Kenny is a very good prospect and a wonderful talent. The operation Kenny has had is very minor and we are looking at Kenny only missing the Kilmarnock game."
Lennon added: "If it works well for all parties, ourselves, the buying club and more importantly Kenny McLean, then something can be done. If not, I'm more than happy to continue to help progress and develop Kenny McLean's fantastic early playing career."