The Argentine international has been suffering from a groin injury and was allowed to return to South America earlier this month to help with his rehabilitation.
It had been feared that Coloccini might not be back until Christmas, but he has returned to training this week and, although unlikely, he could be considered for the short trip to Wearside on Sunday.
"Colo is not too far away as well, so it will be touch and go for both of those guys. We will have to make the choice Saturday or Sunday, whenever we think it's right to make that decision," admitted Pardew.
"Colo has had a really good week. We let him stay out in Argentina for another four or five days just to let the injury settle down and that's been a good decision.
"He has worked with the national team there and come back in good stead.
"Fingers crossed with him, because it would be a great boost for us if he could come back. If not for this one, then for Manchester City or Chelsea (next Saturday)."
With Mapou Yanya-Mbiwa suspended, Pardew could be left with only Mike Williamson as his only recognised fit central defender, although like Coloccini, Steven Taylor could also make a quicker than expected return.
"Steven Taylor has trained and we are going to see whether he's going to start on Saturday," he added.
Should neither Taylor or Coloccini make it, then youngster Paul Dummett is on stand-by to play.
You can watch the Wear-Tyne derby live on Sky Sports 1 from 12.30pm on Sunday