Gosling joined Everton form Plymouth for £2m in January 2008 before moving to St James' Park on a free transfer two-and-a-half years later.
He struggled to secure a regular first-team place though, with injuries taking their toll and limiting him to just 28 appearances during his three full seasons at the club.
The 23-year-old will now look to impress Seasiders boss Paul Ince after being brought in as cover for injured captain Barry Ferguson, who is struggling with an ankle problem.
Gosling, who can be recalled by Newcastle after 28 days, will wear the No.4 shirt at Bloomfield Road.
Meanwhile, Blackpool striker Nathan Eccleston has joined League One side Carlisle on a one-month loan.