Coles himself on Monday re-signed with New Zealand Rugby and the Hurricanes through to the next Rugby World Cup. But Perenara's future has been the subject of huge debate after All Blacks great Sir John Kirwan first told The Breakdown he didn't think NZR should re-sign the veteran scrum-half.
Just a couple of days later Perenara was linked with a move to the Roosters on a cut-price deal that would see him join the NRL glamour once his Japanese Top League season is done.
The Roosters are in the market for another hooker having seen Jake Friend retire due to concussion, and confirmed on Friday they had engaged in talks with Perenara's agent.
While Coles would love to see his long-time provincial and Test teammate stick with both the Hurricanes and All Blacks, he also admitted to being intrigued as to what Perenara could do with the Roosters.
"Mate, huge. The guy is made for league, he's tough, he's fit, he's skilful...as much as I'd love to see him back in rugby if it's a six-month gig for the Roosters, I don't know if many of those will come in your lifetime," Coles said.
"I haven't spoken to him, but it's up to him and his family, but he'd be awesome. He's real competitive, he's got a bit of niggle in him so he'd definitely suit the league style."
It is believed the Roosters have an offer of around $[AU]130,000 for Perenara who could foreseeably join the club in June for the second half of the NRL season.
"Personally, because I'm passionate league fan, it'd be awesome to see him have a crack," Coles continued.
"But if you put your rugby hat on you don't want to lose a guy like that to the game, especially for the Hurricanes and NZR. I've played a lot of rugby with TJ and you don't get too many guys like that come around. I'd love to see him back here as well, so a dollar each way."
On his own career, Coles, 34, said he hoped to add to his 74 Test caps and remain at the Hurricanes as a "one club man".
"I'm so grateful to be playing the game I love, and grateful for the opportunity to continue with the Hurricanes and New Zealand Rugby," he said in a statement.
"The Hurricanes have been loyal to me ... so to continue my career with them will be awesome.
"I'm also looking forward to giving myself a chance to again play for the All Blacks.
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"It's a huge honour to play for that team and I never take my opportunities in the black jersey for granted."
A World Cup winner in 2015 in England, Coles was a member of the All Blacks squad that made the semi-finals at the global tournament in Japan in 2019. He played in five tests in 2020, starting in four of them.
"It's fantastic news to have 'Colesy' recommit to New Zealand," All Blacks coach Ian Foster said.
"He's such an influential player in our team: he's a world-class player, an inspiration to his team mates and we love his straightforward honesty."