Newcastle are currently 1/14 to win the title, having been 5/1 favourites at the start of the season.
The Geordies, who are 13 points clear of third place with a game in hand, are also 1/100 to make an instant return to the Premier League with automatic promotion.
The bookie, which will be paying out close to £70,000 to happy punters, decided the Toon Army could start celebrating after Newcastle saw off one of their few remaining rivals on Monday night with a 2-0 victory over third-placed Nottingham Forest.
The only team arguably in a position to catch Chris Hughton's side appears to be West Brom who are 13/2 for the title.
Paddy Power said: "They say it's not over until the fat lady sings but Mike Ashley will certainly be dancing in his replica shirt today.
"Newcastle have been head and shoulders above everyone this season and surely not even another one of St James' Park's infamous soap opera incidents can derail their victory march now."
Newcastle, currently unbeaten in the league at St James' Park are now just 2/5 to remain undefeated at home this season whilst, looking ahead to their Premier League return next season, the North-East club are 15/2 to be relegated again but 4/5 to finish above rivals Sunderland.
Latest Championship Betting
1/14 Newcastle
13/2 West Brom
66/1 Nottingham Forest
To Be Promoted
1/100 Newcastle
1/20 West Brom
5/2 Nottingham Forest
4/1 Cardiff
4/1 Leicester
9/2 Swansea
Newcastle to lose a league game at home this season
7/4 Yes
2/5 No
North East Match Betting 2010/11
4/5 Newcastle
10/11 Sunderland
*Payout applies to single bets placed before 10am on Tuesday March 30
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