The Argentine centre half is a key figure for Newcastle but personal reasons have forced him to request the transfer.
“Coloccini to San Lorenzo is our Plan A, B and C,” said Matias Lammens, the club President. “Our transfer deadline is next week and we cannot do anything crazy with the budget, but Coloccini to San Lorenzo represents much more than football.”
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.