Coloccini's future was plunged into doubt in January when it emerged that he was keen to return to Argentina for family reasons and go back to former club San Lorenzo.
Newcastle did not allow the defender to leave but it remained unclear what would happen in the summer as San Lorenzo kept tabs on the situation.
Coloccini has considered the matter carefully and has now given Newcastle a huge boost by pledging to repay manager Alan Pardew for the faith shown in him.
"I'm a grateful person and Newcastle have given me the opportunity of playing in the Premier League, which is the elite of football, so I will stay at Newcastle," he said in The Sun.
"I have talked many times with San Lorenzo about moving back with them.
"My desire is to move back but that's not going to happen next season.
"I didn't move to San Lorenzo last season because Newcastle didn't want me to leave.
"I'm not going to move to San Lorenzo now because Newcastle don't want me to go. I have to respect that decision."