The midfielder, a vital cog in the Black Cats' successful bid to stave off relegation last season, has one year remaining on his current contract and is thought to be mulling over a new deal.
Two loan spells at Ipswich aside, the 23-year-old has spent his entire career at the Stadium of Light.
Last season, Colback made 35 appearances as Sunderland fought off relegation from the Premier League and Di Canio is keen to know whether he will remain with the club or whether to cash in before his contract ends.
"I've already spoken to him twice and he's done very well," said Di Canio.
"He is a genuine guy with a fantastic attitude. Also he's got quality too.
"He has to make clear what he wants to do in the future because if one player has it in his brain to leave, it is difficult."