"From day one at the club, Fabricio has been a stand-out character and I'm delighted we have secured his future with us," McClaren told the club's website (www.nufc.co.uk).
"He is a leader, hugely respected throughout the club and a top-class player on top of that."
"I have been here for seven years and I love this club, I feel part of the family at Newcastle United," said Argentina international Coloccini, who had been linked with a move to rejoin former Newcastle manager Alan Pardew at Crystal Palace.
Sunday's game at home to Southampton will be McClaren's first as a Premier League manager since 2006, when he took over as manager of England for an unsuccessful spell lasting less than two years.
"I'll be nervous," he said. "If you don't have those nerves and expectancy then it's time to pack it in.
"We mean business, irrespective of what happens on Sunday. We've stated that from day one."
With an eye further in the future, the club has also signed 19 year-old Northampton Town striker Ivan Toney.
(Reporting by Steve Tongue, Editing by Ian Chadband)
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