San Lorenzo have ended talks with Newcastle United to sign Fabricio Coloccini after the two clubs failed to reach an agreement on the defender's value.
Coloccini, 31, expressed his desire to return home earlier this month, citing personal reasons. San Lorenzo had been eager to take the Newcastle skipper back to the club he played for on loan from AC Milan in 2000-01.
With Coloccini only having signed a new long-term contract last year there was little chance that San Lorenzo would capture the centre-back below what Newcastle viewed as his market value. And despite lengthy talks the Argentinean club have pulled out.
"Finally, after long negotiations, we announce that Fabricio Coloccini will not join the squad of San Lorenzo," the club said in a statement. "It was not possible to release the player and therefore the club will look for another alternative to strengthen the defence."
The news follows an admission from the player's father that the Magpies were keen to hold onto Coloccini until May. Osvaldo, who works at San Lorenzo as director of youth football, had been hopeful of agreeing a deal to take his son back to South America.
Manager Alan Pardew had earlier expressed his desire to keep his captain on Tyneside, and wrote in Saturday's programme notes that Newcastle were exploring all avenues. "We are looking at every option to try and keep a player who has done so much for the club with us for the future," he said. "Colo is a great guy and a great defender and I hope we can find a solution to this."
The news follows a busy week for Newcastle with the Magpies set to announce three new arrivals in the space of four days. Following the signing of defender Mapou Yanga-Mbiwa on Tuesday, full-back Massadio Haïdara and striker Yoann Gouffran are undergoing medicals.