This paper deals with an indirect model predictive control for hybrid excited permanent magnet motors that controls both the stator and excitation currents. Moreover, to ensure operation within the physical and safety limits of the drive system, the control algorithm accounts for both voltage and current constraints. To this end, the stator current constraint is translated into a voltage constraint that is subsequently linearized by means of the tangent segment closest to the last applied voltage vector. Simulation results show the effectiveness of the proposed control algorithm.