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.
Agent Marcelo Lombilla: "The San Lorenzo thing arises because of a personal matter, and because his father is at the club.
"He has only just renewed his contract six-months ago.
"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."
Osvaldo Coloccini: "The arrival of Fabricio would be complicated, but there is always a glimmer of hope.
"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."