Newcastle are reluctant to hand wantaway skipper Coloccini a cheap passage back to Argentina after investing more than £25million on him, says the People.
Toon chief executive Derek Llambias will sit down with Coloccini and his representatives this week for talks about his desire to quit Newcastle for a return to former club San Lorenzo.
A Toon insider said: "Newcastle must do what is best for the club in this difficult situation. The survival of the club in the Premier League is of paramount importance.
"The player is under contract to Newcastle for another three years. The club will listen to his case. But any solution must take into account his value in both a footballing and financial sense."