Speed regulation problem of permanent magnet synchronous motor (PMSM) with overcurrent protection is addressed in this paper by using a single-loop robust model predictive control (MPC) approach. The unique feature of this new disturbance rejection MPC method is the utilization of the preview information of lumped exogenous signal. Different from most of the existing disturbance observer-based MPC approaches, the reference inputs, the lumped disturbances in PMSM, and their higher-order differences are explicitly considered as a part of this new concept of lumped exogenous signal by exploiting output regulation theory. Preview of the possible future behaviors of this exogenous signal is conducted based upon the development of two generalized proportional integral observers (GPIOs). An accuracy enhanced prediction model is obtained by exploiting the estimation and preview of the exogenous signal during the prediction horizon. Speed regulation problem of the PMSM is transformed into an error stabilization problem by means of regulator equations and preview information where the faster time-varying exogenous signal is considered. The overcurrent protection problem is also taken into account throughout the receding horizon optimization process. Experimental studies show that the proposed method achieves effective functionality in overcurrent protection, and much better dynamic performance against time-varying exogenous inputs.