The club have switched their attentions to other defensive options after conceding defeat in their battle to bring the 30-year-old ex-Deportivo La Coruna man back to Argentina
San Lorenzo have confirmed they are no longer in the running to sign Newcastle captain Fabricio Coloccini this month.
The centre-back had been heavily linked with a move back to Argentina for personal reasons but now looks poised to remain at St James Park.
Newcastle are 5/2 with William Hill to be relegated from the Premier League
The Argentine club confirmed on their Twitter page: "Finally, after long negotiations, we announced that Fabricio Coloccini not join the squad.
"It was not possible to release the Newcastle player for this tournament and therefore the club will look for another alternative to strengthen the defense."
Coloccini, 30, joined the club back in August 2008 from Spanish side Deportivo La Coruna for a fee of £10.3 million and has established himself as one of the club’s most consistent performers.