However, the player's agent Marcelo Lombilla was quick to deny the reports.
"The San Lorenzo thing arises because of a personal matter, and because his father is at the club," Lombilla told Radio 9.
"He has only just renewed his contract six-months ago," Lombilla insisted.
"These stories always generate a buzz and generate illusions, but they are just that illusions and nothing more.
"These things written I just cannot believe."
Osvaldo Coloccini used to play for San Lorenzo himself and is now youth director and he claims that his son wants the move.
"The arrival of Fabricio would be complicated, but there is always a glimmer of hope," he said in Argentina.
"The most difficult issue is that Newcastle just sold a major striker, he is captain and above all an idol, and in the city they love him.
"It would be pleasant the two of us in San Lorenzo, it is the club we love. Fabricio is dying to get back, but is trying to make a graceful exit.
"The contract of Fabricio is high for them and they could let him go to save money."