Schar helped United to a very valuable three points against Brentford on Wednesday night and continues to prove himself as a useful asset under manager Eddie Howe. The Swiss center-back has made 221 competitive appearances for the Magpies, scoring on 19 occasions. He spoke about what an honour it is to extend his stay with the Premier League side.
"I'm buzzing to extend my stay here. It's been a very good few weeks for everybody at Newcastle United after winning the Carabao Cup and I'm really happy now to sign another contract with this amazing club.
"It's my seventh season here and everybody knows how happy I am at the club and how comfortable I feel in the city, so I'm really glad to be continuing that.
"Now it's about looking forward and finishing the season as strong as possible."
Howe also commented on the deal and how much Schar means to the side who are currently fighting for a Champions League spot.
"Fabian has been outstanding in my time at the club. As well as his performances on the pitch, he has shown a fantastic attitude in the group.
"He has been the heartbeat of the club's season so far, and he'll continue to be a key player for us as we strive to finish as high in the table as possible."
Paul Mitchell, the club's sporting director, would have played a huge part in negotiations and stated how Schar has helped the club grow in recent years.
"We are pleased to extend Fabian's contract.
"He has played a significant role in the club's growth in recent years and continues to have an important role to play on and off the pitch.
"We take a strategic view on sustaining and building the squad and will continue to work collaboratively to ensure our squad dynamic is optimised for success in the short and long term."