Krul finished last season on the sidelines due to a shoulder injury.
Woodman is delighted with his progress, telling the Evening Chronicle: "Tim was brilliant last year.
"I kind of strike up friendships with these guys. I think it is important.
"That is maybe slightly different to other coaches. Tim has bought into me and I have bought into Tim."
On the injury, Woodman added: "He will come back next year and his shoulder will be fine.
"We will have two very good goalkeepers at Newcastle, not counting the ones coming through."