A host of clubs are weighing up a move for former Coventry City captain Carl Baker, Sky Sports understands.
Sky Sports understands Bristol Rovers striker Ryan Brunt is a target for a number of clubs on loan.
The 29-year-old arrived on Wearside in January as manager Gus Poyet invested £3.2m in his services in the search for goals to keep Sunderland in the Premier League.
Although Sunderland avoided relegation, Scocco made only eight appearances and failed to find the back of the net.
His former club have been on his trail for several weeks and on Wednesday night concluded the deal.
"First of all, a fan of Newell's...welcome @nachoscocco32," the Argentinian club stated on social media.