The Magpies have chased the French international for almost a year and came close to pulling off a deal for the 27-year-old in the summer.
Debuchy is preparing to leave the club he grew up at and embark on a new phase of his career, but he will be welcomed to the club by former teammate Yohan Cabaye - who was also part of Lille's double winning squad of 2011.
Newcastle boss Alan Pardew is desperate to give his squad a boost after back-to-back defeats at Old Trafford and the Emirates Stadium, where the Magpies have conceded eleven goals.
Debuchy is unlikely to be available until the FA Cup third round tie at Brighton on January 5 and Pardew will want to have a good look at him in training to assess his match fitness before pitching him into a Premier League match.
The Fretin-born defender has made 15 Ligue 1 starts for Lille this season and last played in their 1-1 draw with Reims on December 15.