Coloccini is desperate to return to his native Argentina for personal reasons, with his wife already thought to have travelled to South America. San Lorenzo are however unable to afford Coloccini’s signing and Newcastle are unwilling to allow their captain leave for free, particularly as the club is in a relegation battle and Coloccini signed a long-term contract last season.
San Lorenzo released a statement which confirmed their pursuit of Coloccini was at an end as they could not reach a financial agreement with Newcastle, the 31-year-old’s wages of £60,000 per week proving too much for the interested party, while an agreement over a transfer fee was similarly out of reach.
The statement read: “Finally, after long negotiations, we announce that Fabricio Coloccini will not join the roster of San Lorenzo. It is not possible to release the Newcastle player, and therefore the club will look for another alternative to strengthen the defence.”
Coloccini moved to Newcastle in 2008, signed by Kevin Keegan from Deportivo La Coruna for a fee of more than £10m. He was part of the Magpies side relegated at the end of the 2008/09 campaign but helped Newcastle to promotion and played a part in re-establishing the club in the top flight, culminating in a fifth-place finish last season.
See what the expert tipsters at OLBG are tipping on Aston Villa v Newcastle