The 31-year-old was quoted as saying that he wanted to quit the Magpies in order to join San Lorenzo last month.
Despite being tempted by a move to his boyhood club, the Argentine international said that he is happy to stay in the North-East of England.
"Earlier this year, for personal reasons, the possibility of returning to Argentina emerged," he told Marca. "There was talk of San Lorenzo as I am a fan and because of the love that I have for the team.
"However, for now I'm good at Newcastle and I have three more years of my contract."
Coloccini joined the Magpies from Deportivo La Coruna in 2008.