Alejandro Sabella is set to take over as coach of Argentina, with AFA president Julio Grondona revealing "negotiations are advanced".
The slate is now clean, and obviously Sabella will look at all options, and that must include Coloccini and Jonas Gutierrez.
Sabella has links with the English game, having played for Sheffield United and Leeds United.
Sabella, who led Estudiantes to the 2009 Copa Libertadores title as well as the domestic league last year, would replace Sergio Batista as the national team coach.
Batista had his contract terminated earlier this week following a disappointing Copa America campaign, where hosts Argentina were knocked out by eventual winners Uruguay at the quarter-final stage.
56-year-old Sabella represented the likes of Argentina, River Plate and Estudiantes, as well as English clubs Sheffield United and Leeds.