Forest accept Jenas bid
The 18-year-old has been a long-standing target for The Magpies and manager Bobby Robson has swooped after learning Kieron Dyer will be sidelined for six weeks.
Jenas is a product of Forest's youth system and has made 33 appearances at The City Ground.
He is the England Under-19 captain and has been a virtual ever-present under Paul Hart for the First Division outfit this term.
Forest's financial problems will also be a contributory factor in their decision to sell one of their most prized assets and the former European Cup winners revealed the offer was too good to turn down.
"We have accepted what we feel to be a very good offer from Newcastle for Jermaine," Forest's chief executive Mark Arthur told the club's official website.
Jenas will now discuss personal terms with Newcastle before joining The Magpies' Premiership title challenge.
"We've watched him and he's as Dyer was," confirmed Robson.
"We're paying a considerable amount of money for young talent, that's not easy to get these days. They are expensive and you have to be sure.
"It's a long-term scenario, we're buying our future.
"We've discovered young talent, and I want to bring him to the club."