The former Black Cats midfielder does not have a future on Tyneside under Rafa Benitez and he has been told he is free to leave with half a dozen clubs interested in the midfielder.
Versatile Colback, also capable of playing left-back, has been offered to his old club.
And it is understood he would be open to a return to the Stadium of Light as he is keen to stay in the region.
Colback, who hasn’t played a single first team game this season, is understood to be on upwards of £40,000 a week and his wages would prove a big stumbling block for cash-strapped Sunderland.
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A loan deal would be most likely should Chris Coleman make a move for the Killingworth-born player should he decide to bolster his midfield options next month.
Several clubs have been linked with a move for Colback in recent months including Championship rivals Leeds United, Derby County, Bristol City, Reading, Wolves and Hull City.
In November, Benitez firmly shut the door on a recall to his squad for Colback.
Colback – who was made available for transfer in the summer – has been training with the club’s development squad since August and the 28-year-old has no future on Tyneside under Benitez.
In November, Benitez was facing a shortage of midfield options but the Spaniard made it perfectly clear there was still no way back for Colback, who joined Newcastle in the summer of 2014 as a free agent after his Sunderland contract expired.
Asked about Colback’s situation, United manager Benitez said in November: “He’s training with the Under-23s. He knows the situation.
“We’re working with the players available now. He knew our idea from the beginning. We have four or five midfielders. We didn’t want to have six. I don’t want too many players in the same position.”
Darron Gibson’s return to form has boosted Coleman’s options in the centre of the park.