The 20-year-old midfielder was handed his Premier League bow as a late substitute during the club's 2-1 final day defeat at Wolves, but failed to finish the game as a result of two yellow cards which saw him sent off shortly after defender Michael Turner had suffered a similar fate.
But after enjoying an excellent season on loan at Championship Ipswich, where he was voted Players' Player of the Year, Colback will look erase that memory by staking a claim at the Stadium of Light.
He said: "I really enjoyed my time down at Ipswich. The manager was always very good by me, and the rest of the staff and the players.
"But the next step in my career, I feel, is to try to make an impact in the Premier League, and that will be up here with Sunderland, hopefully.
"I will come back next year, hopefully impress the manager and see how it goes from there."