Forest winger Elanga signs for Newcastle
The fee is worth up to £55 million including £3 million in performance-related add-ons, reports said.
"I'm delighted to welcome Anthony to Newcastle," said Howe. "He has been a key target for us so I'm delighted to secure him at this early part of pre-season.
"He is an exciting talent with attributes that make him a unique attacking threat. His pace, energy and ability to create and score goals will strengthen us and complement the way we want to play."
Elanga, who began his professional career at Manchester United, was one of the stars of Forest's surprise seventh-placed finish in the Premier League last season, scoring six goals and providing 11 assists.
Forest paid just £15 million to sign him from United in 2023.
"I'm excited, I'm really happy but most importantly I'm ready," he said.
"I'm ready to put on this black-and-white top to really fight for this team and give everything for the passionate fanbase that lives and breathes football.
"I had an amazing two years at Nottingham Forest, they really helped me to become the player I am today, but I'm really happy to be here now."
Newcastle have been frustrated in their attempts to strengthen their squad in preparation for a return to the Champions League.
Despite being backed by the Saudi sovereign wealth fund, the League Cup winners have been limited in what they can spend in recent seasons by financial sustainability rules.
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