The defender's father has revealed that the Magpies are hoping to keep hold of their captain until May, as he continues to pursue a move to former club San Lorenzo.
The Magpies' skipper has been chasing a move back to former club San Lorenzo this January, with Alan Pardew revealing the defender is suffering with personal problems.
"Today there was an inconclusive meeting, tomorrow it will be defined," Osvaldo Coloccini told Argentine radio show Rock and Closs. "Fabricio is very anxious, he wants a definition, for better or for worse. I think it's time to return to San Lorenzo. We both desire the transfer.
"In Newcastle they ask him to wait until May. The issue is whether San Lorenzo will wait until that date."
Pardew admitted this week that Coloccini has asked to leave the club, but he remains hopeful of keeping him on Tyneside for now.
"A personal issue is at the root of the problem here," Pardew wrote in his program notes for Saturday's clash with Reading. "We are looking at every option to try and keep a player who has done so much for the club with us for the future. Colo is a great guy and a great defender and I hope we can find a solution to this."