Woodman was on the verge of joining Scott Parker’s side on loan in the summer before Newcastle put a block on the deal after suffering a goalkeeper crisis.
Martin Dubravka was sidelined with a foot injury after appearing at the World Cup, while Karl Darlow was struck down by Covid-19 in pre-season.
Woodman started the Magpies’ first four Premier League fixtures against West Ham United, Aston Villa, Southampton and Manchester United.
The goalkeeper returned to St James’ Park on the back of a successful two-year loan spell at Championship side Swansea City.
He kept 21 league clean sheets last season for the Swans, earning him the Championship Golden Glove award.
Woodman now returns to the second-tier and joins the Cherries, who are chasing automatic promotion.
His departure will free up space in Howe’s 25-man squad with Kieran Trippier, Chris Wood and Bruno Guimaraes still needing to be included.
Furthermore, Matt Targett and Dan Burn are also expected to sign on deadline day, meaning Howe already has five players to add.