Coloccini has been on the books of Newcastle since 2008 and has a contract until June 2017, according to Transfermarkt.co.uk.
The 34-year-old defender is a senior player at the Magpies, but his performances in recent times have left much to be desired.
It is clear that Coloccini is past his prime, and he could struggle with the physicality and the rigours of the Championship next season.
The Magpies got relegated from the Premier League at the end of the 2015-16 campaign and will feature in the Championship next season.
Coloccini scored one goal and created three chances in 26 Premier League appearances for Newcastle this past season.
The Argentine defender had a pass accuracy of 83% and a shot accuracy of 43%, and won 32 headers, four dribbles and 32 tackles.