The 31-year old centre-back, who had previously been linked with a return to San Lorenzo, was again on the verge of heading back to his old homeland club.
However, Coloccini decided to commit to the Magpies and suggests he could see out the remaining three years of his contract.
"I am treated very well at Newcastle, it's my sixth season there and I am under contract for three more years, so I will see what happens in the future," he said.
"I was very close of going back to San Lorenzo but Newcastle are my employers and they wanted me to stay.
"However at one point it looked like there was going to be an agreement."