The defender claimed that he "felt responsibility" for the side going down and decided against a move away.
The Argentine was roundly criticised in the Toon's doomed 2008-09 campaign but has since become a stalwart of one of the Premier League's meanest defences.
"People left and I suppose I could have too," said Coloccini.
"I was thinking 'I have a black star on my career CV' because we were going down.
"But I felt responsibility and wanted to turn it around. I wanted to fix the damage and repair things."
Coloccini moved to St James' Park from Deportivo in August 2008 for around £10m.