Newcastle boss Eddie Howe says his squad is "lighter in numbers but high in quality" following player departures and no signings in January.
Defender Lloyd Kelly, 26, has moved to Juventus on loan, while 30-year-old Paraguay winger Miguel Almiron rejoined Atlanta United on a permanent contract.
It is understood Newcastle believe the deal for Kelly - who will sign for the Italian side permanently in the summer - could strengthen their position when it comes to Profit and Sustainability rules (PSR).
"I'm trying to make decisions that benefit us in the long term, and this is one of those decisions," Howe said of Kelly's move.