The Argentine is "trying his best to find an elegant way to leave" according to the youth team director at his former club, but says his contract could complicate matters.
Coloccini's father, Osvaldo, who represented San Lorenzo as a player and is now the youth team director, and says that the defender is keen to return to the team he represented over 10 years ago, on loan from AC Milan.
"Fabricio wants to play for San Lorenzo and he is trying his best to find an elegant way to leave Newcastle," Coloccini's father told Indirecto on TyC Sports.
"We don't know what Newcastle will come up with, but Fabricio is trying to rescind his contract because he wants to be back at San Lorenzo.
"His contract is very good and that could complicate things in an attempt for him to leave Newcastle."
Coloccini joined the Magpies in 2008 from Spanish side Deportivo La Coruna for a fee close to £10 million.
But Alan Pardew had a go at the defender after the fixtures at Old Trafford and Arsenal, suggesting he was "well below his normal form".