Flamengo are eyeing a Spanish coach to replace Renato Gaucho.
Renato was sacked after the Copa Libertadores final defeat last week.
A Fla board source stated: "The objective will be a foreign coach.
"Flamengo intends to pay between €4-5m to their new coach, which is already a very high amount by South American standards."
Valverde was sacked by Barca on a deal worth €19m-a-year.
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