The new four-year deal deal will keep the 22-year-old at St James’ Park until the summer of 2014.
“I am delighted to commit my future to Newcastle United, hopefully I can fulfill my dream by becoming the future number one goalkeeper as well as getting into the Dutch national team squad,” he told the club’s official website.
“I have been at the club five years and it feels like home.
“I would like to thank Harps (Steve Harper) and Paul Barron for the guidance that they have shown me too date.”
Manager Chris Hughton added: “We are delighted to have secured a four-year contract with Tim.
“He showed last season what an outstanding young goalkeeper he is and he can only get better.”