The 23-year-old will also undergo an eight-month gambling rehabilitation programme as part of an agreement with the FIGC, according to chief Gabriele Gravina.
"The FIGC prosecutor and Tonali have reached an agreement which I have already approved," Gravina said.
"The agreement consists of a 10-month ban plus eight months of rehab activities and at least 16 public appearances."
Tonali, who joined Newcastle from AC Milan for £55 million in the summer, had admitted to placing bets on matches which were made while he was playing for former clubs Milan and Brescia.
The suspension means Tonali will miss the remainder of the Premier League season and - should Italy qualify for Euro 2024 - miss the tournament in Germany next summer.
He will, however, be free to train with Newcastle for the duration of his suspension, which is set to run until late August next year.
Tonali's agent Giuseppe Riso admitted his client suffers from addiction after he was found to be part of a wider investigation into Italian players breaking gambling rules.
His punishment comes after Juventus midfielder Nicolo Fagioli accepted a seven-month ban as part of an agreement with the FIGC, while Aston Villa's Nicolo Zaniolo is also under investigation by prosecutors in Turin.
