El Ciclon were reportedly close to bringing the 31-year-old back to his homeland in January but unable to agree a fee with the Premier League side.
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"I have the intention of having a meeting with Fabricio and talking about the conditions of his arrival to San Lorenzo," he told La Cicloneta.
"We understand that Newcastle don't have too much interest in the summer other than keeping Coloccini in their squad.
"They have managed to escape from the relegation zone, so they will now think about what is best for the player; that he needs to go back home."
Coloccini previously spent six months on loan at San Lorenzo while an AC Milan player, helping the Buenos Aires outfit to win the 2001 Clausura championship.