Newcastle United defender Fabricio Coloccini's potential departure to San Lorenzo is looking increasingly unlikely, the Evening Chronicle has reported.
Despite reopening negotiations for a second time with Newcastle, San Lorenzo's audacious attempt to relocate the 31-year-old is on the brink of collapse.
Initially the club had hoped to take Coloccini on a free transfer due to the player's desire to return home for personal reasons.
However, Newcastle are adamant that they must receive a fee - something San Lorenzo have struggled to muster due to the lack of money in the country’s domestic game.
The club had hoped businessman Marcelo Tinelli would be able to find backers to fund the deal. Yet, despite his best attempts, the Evening Chronicle claims the majority of the club’s wealthy fans would prefer to see the money invested on younger talent.
A club insider told the newspaper: "The people who can help us don’t want to invest in Coloccini. They feel that the money could bring in a number of younger players instead.
"And that’s how it would be spent. It now looks impossible that Coloccini could play here next season. It looks like the end of the story. Even big clubs like Boca Juniors and River Plate are struggling financially here."
Still with three years to run on his Magpies contract, manager Alan Pardew is set to meet with the centre-back again next month to emphasise his importance to the team and convince him to remain at the club.