The Indepentent reports: "The club are considering a serious bid as they run out of options for defensive cover in the new season.
"Kevin Keegan may not be completely sold on the club's approach to transfers, executive director Dennis Wise runs the operation from London, but it is getting to the point where he is going to have to trust the judgement of Wise and his assistant Tony Jimenez if Newcastle are to be competitive next season.
"Coloccini's name has been known to Premier League scouts over the last few years, but there are doubts about his suitability for the English game.
"He had an unsuccessful spell at Milan and, moving around in Spain after that, has established himself at Deportivo where he captained the team on occasions last season.
"He has the added advantage of being versatile and has played at right-back and as a defensive midfielder in Spain. A full Argentina international, who played at the 2006 World Cup, Coloccini, 26, is contracted for the next three years."