The transfer was first reported by the Daily Mail:
Ferreyra is a 23-year-old forward from Argentina who turned some heads last season in Ukraine. He netted six goals in just 13 Ukrainian Premier League appearances for Shakhtar after making the jump from Velez Sarsfield.
The deal certainly made sense from Newcastle's perspective as they landed him for the bargain price of €2 million with the option to make the deal permanent for another €8 million, according to William Joyce of Goal.com.
As pointed out by Graeme Bailey of Sky Sports, picking up an immense talent like Ferreyra at such a reasonable price was likely a no-brainer:
In many ways, the Magpies were the beneficiaries of a somewhat uncomfortable situation between Ferreyra and Shakhtar. According to Shakhtar Donetsk's official website, Ferreyra initially declined to report to the team due to concerns about instability in Ukraine.
Ferreyra did join the team eventually, however, and apologized for his actions.
My family was very worried about me, persuaded not to go to Ukraine. They thought it was very dangerous. So I decided not to go back. But on the second day I regretted it. My fears were dispelled by a conversation with the club CEO Sergei Palkin. He calmed me down and assured that all of us would be safe. Plus other players have returned and all of them were fine. I really regret that I have not come immediately. I apologize to the fans, teammates and coach.
Despite Ferreyra's regrets, relations between himself and Shakhtar were certainly strained to some degree. That likely made it easier for the Ukrainian side to ship him to the EPL.
This is a potentially big acquisition for Ferreyra since he is seemingly on the verge of becoming a special player. Even so, Bailey doesn't believe that Newcastle are done quite yet in terms of adding talent:
Newcastle enjoyed a decent 2013-14 campaign by finishing 10th in the Premier League. The Magpies would obviously love to move closer to the top of the table, though, and this move makes that a possibility.
If Ferreyra's form carries over to the EPL and he continues to blossom, then Newcastle could be on the verge of a fantastic season.
Follow @MikeChiari on Twitter.