According to Foot Mercato, the 29-year-old Portugal international, a free agent since leaving PSG this summer, has received a concrete offer from the Brazilian club.
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Getafe and Corinthians have also been linked with the midfielder. Sao Paulo hope their new Ticketmaster agreement, reportedly worth around €25 million, can help facilitate the move.
However, a FIFA-imposed transfer ban currently prevents the club from registering new players, creating a major obstacle to any deal.
The Tricolor hope to resolve the situation quickly by using their recent financial injection to settle an outstanding debt of around €250,000 owed to the agents of former player Giuliano Galoppo.