The 28-year-old has dropped down the pecking order at St James' Park and spent the second half of last season at Nottingham Forest, where he made 16 starts in the Championship.
Forest are keen to secure another deal for the versatile player but according to the Newcastle Chronicle, Colback has little intention of leaving the Magpies on the cheap.
The report claims that Colback is currently receiving wages of £40,000 per week at Newcastle and as it stands, is not desperate to secure a permanent switch away from the North-East outfit.
Newcastle are keen to sell Colback but it appears that another loan switch may be more likely unless the Premier League side are prepared to accept a cut-price fee.
Colback has 12 months remaining on his contract.