Newcastle swept into the League Cup final for the second time in three seasons with a vibrant 2-0 win against Arsenal in the semifinal second leg on Wednesday.
Eddie Howe's side took the lead through Jacob Murphy's first half strike at raucous St James' Park.
Anthony Gordon sealed Newcastle's 4-0 aggregate victory as Arsenal paid the price for some unusually slack defending.
Newcastle, who have beaten Arsenal three times this season, will face Liverpool or Tottenham in the final at Wembley on March 16.
Tottenham hold a 1-0 lead heading into Thursday's second leg at Anfield.
Having won the first leg 2-0 at Arsenal in January, Newcastle held their nerve to finish the job in front of their frenzied fans.
The Magpies are one step away from a first major trophy since winning the Inter-Cities Fairs Cup in 1969.
Howe's team were beaten 2-0 by Manchester United in the 2023 League Cup final, while Newcastle have also lost the 1999, 1998 and 1974 FA Cup finals since their last silverware.
It is 70 years since Newcastle lifted a major domestic trophy by winning the 1955 FA Cup.
Finally winning a cup would be a huge moment for Newcastle, who have been transformed from serial underachievers to trophy contenders thanks to Howe's astute management and the financial backing of their Saudi owners.
Ironically, Newcastle have been forced to curtail their initial spending spree by profit and sustainability rules, but Howe has kept them upwardly mobile.
After the high of thrashing Manchester City 5-1 in the Premier League on Sunday to keep their title challenge alive, Mikel Arteta's team came back down to earth with a bump on Tyneside.
Arteta has only won the 2020 FA Cup since taking charge at Arsenal in 2019 and this was another missed opportunity to end that drought.
Knocked out of the FA Cup by Manchester United, the Gunners are through to the Champions League last 16 and sit six points behind Premier League leaders Liverpool, who have a game in hand.
Rubbing salt into Arsenal's wounds, Newcastle fans sang "Mikel Arteta. It must the ball" in a cutting reference to the Spaniard's complaints that the different ball used in the League Cup had played a role in the first leg defeat.
ARSENAL IN DISARRAY
Arteta admitted he was "disappointed" that Arsenal failed to sign a striker before the transfer window closed on Monday.
The Gunners have lost Gabriel Jesus and Bukayo Saka to long-term injuries and their lack of cutting edge was exposed in the face of Newcastle's well-drilled back five.
Martin Odegaard squandered a golden opportunity to put Arsenal ahead, blasting wildly against the post from close-range.
It was a crucial miss as Newcastle punished Odegaard's profligacy in the 19th minute.
Alexander Isak started the move by winning a header in front of William Saliba before breaking onto Gordon's pass into the area.
The Sweden striker slammed a fierce drive against the post, with the rebound falling perfectly for the Murphy to guide an agile finish into the empty net.
Murphy's fifth goal in all competitions this season sparked bedlam in the stands as Newcastle started to dream of Wembley.
Newcastle keeper Martin Dubravka had to make a good save to repel Leandro Trossard's close-range effort moments later.
Isak, a muscular combination of power and poise, was tormenting the usually rock-solid Arsenal defence.
Unable to cope with Newcastle's relentless high press, Arsenal were disarray at the back and it was no surprise when Gordon delivered the knockout blow in the 52nd minute.
Arsenal keeper David Raya played a poor pass to Declan Rice on the edge of the area and Fabian Schar's crunching tackle sent the ball towards Gordon, who seized the chance with a clinical finish from 12 yards.
Gordon celebrated by holding aloft a black and white scarf thrown onto the pitch as Newcastle's party started in earnest.