Juventus will pay Newcastle a 3.5 million pound loan fee, with the agreement containing neither an option nor an obligation to make the Germany international's move permanent.
Woltemade made 53 appearances in all competitions for the Magpies, scoring 11 goals, but his opportunities were expected to become more limited following the arrival of Fernandez-Pardo.
The Bianconeri had also held talks over Manchester United forward Joshua Zirkzee, but ultimately opted for Woltemade after deciding he was a better fit and a cheaper solution.
The German forward also offered Juve greater flexibility, with Newcastle retaining control of his future through the absence of any permanent-transfer clause.
Juve have also brought in Pape Matar Sarr, Randal Kolo Muani, Jonathan Lucumi, Guglielmo Vicario, Kamil Grabara, Kerim Alajbegovic and Mehmet Zeki Celik.
Under new manager Luciano Spalletti, the two-times Champions League winners will be looking to have a better season after a disappointing campaign last time out in which they finished sixth in Serie A, missing out on the Champions League spots and having to settle for a Europa League berth.
