The midfielder, out of contract next summer, joined Nottingham Forest on a season-long loan in the summer.
Colback hopes to help the Championship club secure promotion to the Premier League this season.
The 29-year-old, signed on a free transfer in 2014 after his contract at Sunderland expired, had been sidelined by United manager Benitez last year.
Asked if he saw his long-term future being at the City Ground, Colback told the Nottingham Post: “It just depends. That's something that can quickly be taken out of your hands.
“It's one of those things. Football can change quickly – we'll see what happens.
“But my aim is to win promotion, and, yes, I would love to play here in the Premier League.
“I would be happy if it did turn out that way – if I did end up playing in the Premier League with Forest."
Colback helped Newcastle win the Championship in the 2016-17 season, but he wasn't given a chance in the Premier League by Benitez and spent the second half of last season on loan at Forest.
The Killingworth-born player went on: “My situation at Newcastle looks pretty bleak. With Rafa, that's one of those things.
“I'm not too fussed about that, but it was disappointing with the way it ended, with Newcastle being my home town club. But that's football.
“Obviously, the aim is to get Forest promoted. Then we'll see.
“If the manager (Benitez) comes calling and wants to take me back there, we'll cross that bridge when we come to it, but we're a long way off that just yet. We'll keep calm for now."