The unsettled Magpies' skipper is currently recovering from a back injury in his homeland, and has been pictured with the club who attempted to sign him in January
The 30-year-old was the subject of a transfer enquiry from the Buenos Aires club in January after he revealed his desire to leave the North East due to personal problems.
A move did not materialise however, with Coloccini returning to action to oversee a Magpies' resurgence before suffering a back injury in the 4-2 win over Southampton two weeks ago.
The former Deportivo and AC Milan defender is expected to be out until May, and images of the Argentine at San Lorenzo, posted on the club's official Twitter account, will likely raise further concerns about his immediate future at St James' Park.
Coloccini's current deal is set to expire in 2016, but he has been widely touted for a return to South America in the summer.