The 30-year-old has not featured in a Newcastle game since making his last appearance in the win at Cardiff City on October 5.
And now Hughton, who had the South American under his St James’ Park watch between June 2009 and December 2010, has acted to take him to Carrow Road until June 30.
Gutierrez has found opportunities restricted on Tyneside in recent months and his only other appearance for the club was the opening day defeat at Manchester City in August.
He recently returned back to the North-East after resolving the personal reasons why he was given permission to return to Argentina.
The former Real Mallorca winger, who is under contract at Newcastle until the summer of next year, will now be hoping to impress sufficiently at Carrow Road to seal a permanent move at the end of the campaign.
The Argentina international indicated he was on his way out at Newcastle over the weekend when he posted a series of farewell messages on his personal Twitter account which suggested his time at the club was over.
He was part of the team which led Newcastle back to the Premier League after relegation in 2009 and he made 195 appearances, scoring 11 goals, after moving from Spain in July 2008.