Coloccini's first club, San Lorenzo, said last night they hoped the player would be able to buy out the remainder of his contract to return home.
Club president Matias Lammens told ESPN Radio Rivadavia: "Coloccini's arrival is very difficult. We can't go out and buy him.
"We have always said that we depended on the desire of the player to rescind [his deal at Newcastle].
"We can offer him a very good contract but San Lorenzo have nothing left to do with regards to the negotiating."