Jonas won the league title with his old club before leaving his native Argentina for Mallorca and then subsequently joining Newcastle.
Velez hope to come to a similar arrangement that was negotiated when Hatem Ben Arfa tried to rejoin Nice, with Jonas Gutierrez released from his Newcastle contract or at worst, paying a nominal fee.
A possible loan deal to Sheffield Wednesday has been speculated but with only six months remaining of his Newcastle contract, it will be interesting to see what choice Jonas Gutierrez will make if he has the option of returning to Argentina having had the chance to return to see the rest of the United players over the past month.