Colback is heading back to Newcastle after his loan spell at Nottingham Forest ended.
But with the midfielder's time on Tyneside seemingly up, Forest team-mate Yates would love to see him back at the City Ground next season.
He told NottinghamLive: “Of course, we'd all like him back. He's a top player and he was arguably our best player last season.
“To have those type of players in the team is only going to help us, so obviously we want those sort of players."