The England Under-19 international has struggled to break into the first team at St James' Park since graduating from the club's youth academy in 2012.
Campbell made three senior appearances during his debut season with the first team before spending much of the last campaign out on loan.
After spells with Carlisle United and St. Mirren, he will move to Highbury on a one-month loan deal and could make his debut against Crewe Alexandra on Saturday.
While the 19-year-old failed to score for Carlisle, he found the net twice for St. Mirren and will bolster Graham Alexander's attacking options.
Fleetwood are preparing to embark on their maiden campaign in the third tier after a meteoric rise up the pyramid in recent years.
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