The Argentine defender limped off during the Magpies' 1-0 defeat at West Bromwich Albion on New Year's Day and was initially ruled out for six weeks.
Despite a promising recovery from the knee injury sustained at the Hawthorns, the defender will be absent for the Tyne-Wear derby on February 1st, according to manager Alan Pardew.
"I think he'll return to training, maybe the Sunderland week. He certainly won't play against Sunderland," Pardew told the Shields Gazette.
"Maybe the week after, or maybe the week after that.
"It's frustrating for Colo because he's desperate to play football - he just wants to play."
The Newcastle boss will be boosted by the news that defender Matthieu Debuchy will be available for their trip to Norwich after serving a three-match suspension for his sending off at West Brom.