The 19-year old attacking midfielder has been heavily linked with Manchester United in recent months but according to Sao Paulo's director of football Adalberto Baptista, a new deal is in the offing to stave off interest from the Red Devils.
"It's possible we change his contract," Baptista told UOL.
"He has four more years of contract. We may call him to extend, renegotiate his contract, maybe for 18 more months."
And Baptista played down claims that Lucas' family had travelled to England to meet United officials, suggesting they were only in the UK to watch him compete in the Olympics with the Brazil team.
"His family went to England just to watch the Olympics, they had already told us they would," he added.