Coloccini's father Osvaldo has told the Argentine media that his son - who only signed a new long-term contract last year - was looking to move back to San Lorenzo, where he played during a loan spell from AC Milan nearly a decade ago.
Osvaldo Coloccini used to play for San Lorenzo himself and is now youth director and he claims that his son wants the move.
"The arrival of Fabricio would be complicated, but there is always a glimmer of hope," he said in Argentina.
"The most difficult issue is that Newcastle just sold a major striker, he is captain and above all an idol, and in the city they love him.
"It would be pleasant the two of us in San Lorenzo, it is the club we love. Fabricio is dying to get back, but is trying to make a graceful exit.
"The contract of Fabricio is high for them and they could let him go to save money."
However, the player's agent Marcelo Lombilla was quick to deny that Coloccini was on his way to San Lorenzo.
"The San Lorenzo thing arises because of a personal matter, and because his father is at the club," Lombilla told Radio 9.
"He has only just renewed his contract six months ago," Lombilla insisted.
"These stories always generate a buzz and generate illusions, but they are just that illusions and nothing more.
"These things written I just cannot believe."