Flamengo are willing to send Pablo Mari back to Arsenal before Friday's transfer deadline.
ESPN Brasil says the Spanish defender was in London for a medical over the weekend, after the clubs had agreed on a £7.5million transfer.
But Arsenal quickly reneged on the deal, stating they were unable to pay the transfer fee, and requested a loan move instead.
Flamengo were upset by Arsenal's decision, and were said to be willing to pull the plug on the whole deal.
However they have reconsidered the Gunners' offer, and are happy to sanction the deal, on the condition that the agreement includes an obligation for Arsenal to buy Mari, 26, in the summer.
The obligation to buy should not deter Arsenal from completing the deal, says the Mirror, considering they were initially prepared to sign Mari permanently.