The Saudi-controlled northeast club beat Arsenal 2-0 in the second leg of the semi-finals on Wednesday night to advance 4-0 on aggregate. Jacob Murphy and Anthony Gordon scored the goals at a boisterous St. James' Park.
Newcastle will play either Tottenham or Liverpool in the March 16 final at Wembley Stadium. Tottenham lead 1-0 after the first leg — the second leg is Thursday at Anfield.
For Newcastle, it marks another opportunity to capture a first piece of silverware since being bought by Saudi Arabia's sovereign wealth fund in 2021. Newcastle's last trophy was the now-defunct Inter-Cities Fairs Cup in 1969 and the most recent domestic title was the FA Cup in 1955.
Newcastle reached the 2023 League Cup final, but lost 2-0 to Manchester United.
"It's a long time. We'd love to end it and we'll work as hard as we can and prepare right to try to do that," Magpies boss Eddie Howe said.
"At our very best levels, I think we're a very good team, so I think that should give us loads of confidence.
"Fate will naturally take its course, I don't think we'll engage on the emotion of who we'll play. That will come in time, of course.
"Two elite teams, two very good sides that we have faced this season, so we know whoever we play will be a tough opponent."
Arsenal arrived buoyed by a 5-1 thrashing of Manchester City in the Premier League on Sunday and looking to overturn a 2-0 deficit from the first leg at Emirates Stadium last month.
Mikel Arteta's team failed to handle the lively atmosphere inside St. James', with its usually solid defence looking fragile and almost conceding after just four minutes when Alexander Isak was played through on goal and finished into the top corner. It was disallowed for offside following a video review.
After Martin Odegaard hit the post for the Gunners, Newcastle took the lead in the 19th when Isak struck a shot against the post and Murphy converted the rebound.
The visitors' remote chances of a comeback were further hit when Gabriel Martinelli went off with what looked a hamstring injury before halftime, and Gordon virtually secured Newcastle's place in the title match by scoring the second after midfielder Declan Rice was dispossessed outside his area by a sliding Fabian Schar.
"It's true that today we've been a bit more unsettled, especially when the game became more chaotic or when they were very direct with their play," Arteta said.
"Normally we are much more composed, today we lacked a bit of that and the game went away from us."
Arsenal, two-time League Cup winners, were looking to reach the final for the first time since 2018, when they lost 3-0 to Manchester City.
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