The 30 year old enjoyed 19 games on loan at the club from AC Milan in the 2000/2001 season and San Lorenzo hope that Coloccini being a fan of the club could lure him back to South America.
The curly haired centre half has been a rock at the back for Newcastle in recent seasons and is currently the highest played player at St James’ Park, a factor that could work against San Lorenzo.
It would be a shock if Newcastle let their captain go, especially considering that their central defence is considered their weakest area.
Despite admitting that the deal will be difficult to pull off, the Argentinian club are refusing to rule out the possibility of Coloccini joining the club in the January transfer window.
“We know he is a fan and wants to return, so there could be a possibility,” said club President Matías Lammens on Radio La Red.
“It’s not impossible but of course the only thing that can accelerate the situation is Fabricio’s intentions.
“It could be difficult but that doesn’t mean it’s fallen through.”