Newcastle United are set to invest heavily in their squad over the summer.
Newcastle are expected to invest heavily in their squad during the upcoming transfer window, as they look to assemble a team capable of bouncing straight back from relegation.
Colback does not believe Newcastle should be buying players for the years ahead, though, as the midfielder feels the Tynesiders need additions if they are to cope with the demands of playing Championship football.
"We need to keep hold of the right players and sign the right players," Colback said.
"There are a lot of games and we need a strong squad with good players who are up for the challenge.
"We'll need players who can properly help the team now, not a few years down the line. It's a tough league and you need a strong group of characters in order to get promoted.”
Newcastle’s promotion chances have been boosted, as Rafael Benitez is now set to stay at St. James’ Park.
Benitez was initially expected to leave Newcastle if they became a Championship club, but he has been convinced to remain on Tyneside.
Newcastle are now the heavy favourites to win promotion back to the top flight at the first attempt.
The Magpies improved hugely under Benitez this past season, but the former Real Madrid man was appointed too late to save the club from relegation.
Newcastle are hoping to have at least one signing wrapped up before the start of Euro 2016, according to the Telegraph.