Peacock, a Kevin Keegan capture from QPR for pounds 2.75m three years ago, said: "There are a number of reasons why I am delighted to be joining Blackburn, not least because they are a progressive club building in the right direction.
"Obviously I am saddened to be leaving Newcastle but it is fantastic to leave one great club for another. I am looking forward to working with Roy Hodgson and the facilities at Blackburn are second to none."
Peacock links up at Ewood Park with other summer signings Kevin Davies, the pounds 7.5m former Southampton striker, and Gillingham's Jim Corbett.
"Darren is a great acquisition in preparation for what will be a busy and demanding domestic and European season," Hodgson said.
Stan Collymore continued to feel the backlash of his assault on his now- former girlfriend, the TV presenter Ulrika Jonsson, with calls for his sacking from Aston Villa fans and a warning that Diadora are reconsidering their sponsorship deal.
Andrew Ronnie, the Diadora managing director, who reportedly pay the striker pounds 2.5m over five years, said he was "amazed" and "surprised" by reports of the attack.
"We will be reviewing the situation," said Ronnie. "We need to speak to Stan Collymore and his agent as soon as possible because we were very surprised by what Stan did.
"We pay him a substantial sum of money and he has always been very pleasant to work with."
Bruce Rioch has emerged as the favourite to replace Mike Walker at Norwich and form a partnership with his former Everton team-mate Bryan Hamilton who is wanted at Carrow Road for the post of director of football.
The former Arsenal boss has been out of the game since he was sacked as QPR coach and was interviewed for the vacancy at Sheffield United.
The Bramall Lane club are planning an ambitious approach for Danny Wilson and believe he could be persuaded to leave Barnsley despite pledging his future to them on their relegation from the Premiership.
Macedonian international Georgi Hristov has joined forces with fellow Barnsley strikers Ashley Ward and Jan Aage Fjortoft in pledging his future to the relegated club. His work permit has been extended for a further 12 months.
Aston Villa have been told by the French side Marseilles that Fabrizio Ravanelli is not for sale. It comes after Villa manager John Gregory declared an interest.
Sheffield Wednesday insist they are still searching for a manager despite the claims of South Africa coach, Philip Troussier, that he has been offered the job.
The Wednesday chairman, David Richards, said they were still interviewing and stressed: "Nobody has been offered the job." Several candidates have been spoken to and we will keep interviewing until we decide on the one we want."Reuse content