Coloccini was linked with a move to the Argentina Primera Division leaders in January, but a transfer failed to materialise as Newcastle refused to release the defender from his contract.
The 31-year-old spent a stint on loan at San Lorenzo, who he supported as a child, during the 2000-01 season, helping them to the Clausura title that term.
And the former Milan man has now reiterated his desire to return to the Buenos Aires outfit.
"You never know what can happen in football," he told Ole.
"In January we did all we could for a possible return to San Lorenzo, but I always made it clear that Newcastle would have the last word.
"The club have invested a lot in me and I must show respect towards them.
"I have to speak the truth, though, and I would like to return as soon as possible."
Colocccini has struggled with a groin injury in recent times, and did not feature in Newcastle's wins over Chelsea and Tottenham before the international break.
Mike Williamson and Mapou Yanga-Mbiwa performed admirably in both those games as Newcastle kept clean sheets, however, the Argentina international is hopeful he can return in order to play his way into Alejandro Sabella's plans for next year's FIFA World Cup.
"You have to be patient," he added.
"Alejandro Sabella is testing other players, he has used five new players in the recent friendly games, but I have the desire to be included on the final list."
