I suppose the original plan was to loan him to Championship team, but now that Newcastle are in the Championship themselves they dont want to. I think they will loan him to a league one team (which if they do, would be us I think) or a Scottish team until January. In January they will have a better idea of who is challenging for promotion and who is trying to stay up and at that point will loan him to a Championship team that isn't one of their rivals.
It would be great to see Adam play for us again and, as you state, it is unlikely that Rafa would allow him to join a rival Championship club.
It isn't even a monetary issue as Newcastle covered all of his wages and expenses last season and so we have as much chance as any League One club in securing his services.
The big threat to that is the Scottish Premiership.
Rangers are back in the game under Warburton and Celtic need a clear out under Brendan Rodgers.
Let us hope that Adam's experience with us last season stands us in good stead.