Rafa Benitez's side experienced a frustrating window, missing out on a number of targets including Liverpool's Daniel Sturridge.
But with minutes to do before the window closed, a deal was confirmed for 29-year-old Algeria international Slimani, with Newcastle allowing striker Aleksandar Mitrovic to join Fulham on loan until the end of the season.
"Leicester City striker Islam Slimani will join Premier League side Newcastle United in a loan deal until the end of the current 2017/18 campaign," the Foxes said on Twitter.
Slimani joined Leicester in 2016, scoring 13 goals in 46 appearances.
Newcastle have also signed Slovakian international goalkeeper Martin Dubravka on loan from Sparta Prague.
(Reporting by Neil Robinson, editing by Ed Osmond)
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