Vini Jr is viewed by the SPL and their finance backers the Public Investment Fund, as their big poster boy for the league and Saudi Arabia's World Cup bid.
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ESPN Brasil reports PIF representatives have held talks with Vini Jr and his agents, with an offer tabled worth a staggering €350m-a-year - . "The highest salary offer in the history of football," declared the broadcaster.
For the moment, Vini Jr hasn't responded, though there is a confidence he remains committed to Real Madrid.
The Brazil attacker's current contract carries a €1bn buyout clause, which the PIF are unlikely to match.
The PIF are financial supporters of Al Ahli, Al Nassr, Al Ittihad and Al Hilal.