The Uruguay international is keen to complete his recovery from knee surgery in his homeland but warned that a potential deal may take some time to complete
The 23-year-old is currently sidelined after tearing his anterior cruciate ligament in a friendly for Uruguay against Japan in August.
Coates has been linked with a loan move back to his former side and says he is keen to return to his homeland and is hopeful of securing a transfer.
"It would be beautiful to join Nacional and complete my recovery in Uruguay with my family and friends," the centre-back told Radio El Espectador 810.
"The negotiations can be hard sometimes, and we have to wait a bit."
The Uruguay international moved to Anfield from Nacional in 2011 but has made just 24 appearances for the club during his time on Merseyside.