"It's unfortunate with the situation that's developed but Newcastle have to protect themselves over the Christmas period," said Head Coach Lee Johnson.
"I had a nice call from Paul Simpson (Newcastle United Assistant Head Coach) explaining the situation which I appreciate.
"It's the same with any loan and unfortunate for ourselves but Ivan is their player.
"He's done really well and helped himself to a couple of goals. I'd like to place on record our thanks to both Newcastle United and Ivan."
The striker made eight appearances for the Reds, scoring two goals - as well as helping Lee Johnson's side into the Area Final of the Johnstone's Paint Trophy with a well-taken penalty at Wigan Athletic.