The 20-year-old Serbian international arrives from Anderlecht and has put pen to paper on a five-year deal at St. James' Park, which is the fourth biggest transfer in the Club's history.
Mitrović came through the ranks at Partizan Belgrade before making his debut for their affiliated side Teleoptik.
The summer of 2012 saw the front man sign his first professional contract with Partizan and he made a goalscoring bow in a Champions League qualifier against Maltese side Valletta, a competition in which he has gained extensive experience over the past three seasons.
Mitrović finished the 2012/13 campaign as Partizan's top scorer, helping his team to the Serbian SuperLiga title.
In August 2013, he moved to Belgium to join Anderlecht and scored 44 goals in 90 appearances across two seasons at the Constant Vanden Stock Stadium.
Mitrović's performances for Serbia in the 2013 UEFA Under-19 Championships inspired his country to victory and earned him the Player of the Tournament award. The forward has now earned thirteen senior caps for his country.
Speaking of his arrival on Tyneside, he said: "I am so happy to have signed for Newcastle.
"I visited the stadium and it is amazing. I have played in a lot of impressive stadiums in my career but St. James' Park is so big, I can't wait to play my first game here.
"I know how passionate the fans are. This is a club with a very big history and the fans are a big part of that. There will be pressure here, for sure, but I like pressure.
"I also know about the famous players who have played for Newcastle United, like Alan Shearer, who is a hero of mine. I hope I can play like him for this Club. It will be an honour."
Newcastle United head coach Steve McClaren added: "This is a fantastic signing for us. We have fought off a lot of competition to secure a top young talent in Europe.
"Aleksandar is someone who can develop with the team and someone who will help us to get to where we want to go.
"As a Board we have worked hard to make it happen. It is another demonstration that we are wanting to push on."
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