Coloccini's father, Osvaldo, who represented San Lorenzo as a player and is now the youth team director, and says that the defender is keen to return to the team he represented over 10 years ago, on loan from AC Milan.
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"We don't know what Newcastle will come up with, but Fabricio is trying to rescind his contract because he wants to be back at San Lorenzo.
"His contract is very good and that could complicate things in an attempt for him to leave Newcastle."
Coloccini joined the Magpies in 2008 from Spanish side Deportivo La Coruna for a fee close to £10 million.