The 28-year-old left-back, who played in the Magpies pre-season friendly win against Yeading at the weekend, is expected to sign a season-long loan deal at St James' Park withing the next 24 hours.
"We are in negotiations with Inter Milan over Francesco Coco coming here on loan for the rest of the season with an option to purchase," chairman Freddie Shepherd told the clubs official website.
"We hope to conclude those negotiations shortly."