Brazil superstar Neymar is closing in on a return to former club Santos, sources have told ESPN.

Neymar currently remains on the books of Saudi Arabian club Al Hilal, but the team's manager Jorge Jesus said earlier in January that the Brazilian attacker can "no longer play at the level we are used to," and as a result wasn't registered to play in the Saudi Pro League, leaving Neymar eligible to play only in the Asian Champions League.

As a consequence, Neymar has been looking for his next playing opportunity, and appears to have found it with the club at which he began his professional career.

Sources tell ESPN that the player's contract with Al Hilal is heading towards being terminated, but the final details still need to be agreed. The two sides are expected to meet early this week with the hope of reaching a conclusion. If that occurs, Neymar is set to sign a six-month contract with Santos, with an option for it to be extended by an additional year.

If the deal with Santos is completed, Neymar is set to travel to Brazil some time this week, and could feature for Santos as soon as Feb. 5.

By terminating his contract with Al Hilal, which ran through this summer, Neymar would leave about $65 million on the table. Sources have told ESPN he could make up at least some of the shortfall by having himself and his father, Neymar Santos Sr., become part of an investment fund that includes shares in Santos.

However, ESPN Brazil is reporting that Neymar is still determined to recoup the money he feels Al Hilal owes him and that any deal involving shares in Santos would be extremely difficult to pull off in the short term.

So, while the framework for a return to Santos is in place in principle, there are still sticking points that could derail it.

If the final details of a return to Santos are indeed completed, it will conclude a transfer saga that at one point included the possibility of Neymar heading to MLS side Chicago Fire FC. However, Neymar's preference was to head back to Brazil to regain his form and possibility reclaim his place with the national team, and a reunion with his boyhood club looks set to take place.

Neymar, 32, endured a difficult spell with Al Hilal after joining the Saudi Arabian club from Paris Saint-Germain in the summer of 2023 for a fee of $97.6 million.

The former Barcelona star suffered a torn anterior cruciate ligament in his left knee while on international duty shortly after joining Al Hilal. He made his return to the field last October, but a subsequent hamstring injury kept him from making more of a contribution. All told he made just seven league and cup appearances with just one goal scored in an AFC Champions League group stage match against Nassaji Mazandaran on Oct. 3, 2023.

Despite his struggles in Saudi Arabia, Neymar remains one of the biggest names in the sport thanks to his exploits alongside Lionel Messi and Luis Suárez while with Barcelona from 2013-17. In that time, he was part of sides that won a UEFA Champions League crown, two LaLiga titles, and three Copa del Reys.

He later moved to PSG in 2017 and won five Ligue 1 titles, three Coupe de Frances and two Coupe de la Ligues.

Neymar began his professional career with Santos in 2009, leading them to a Copa Libertadores triumph in 2011 in which he scored in the second leg of the final, a 2-1 win over Peñarol.

At international level, Neymar has appeared 128 times for Brazil, scoring a Selecao record 79 goals. He was part of the Brazil side that won the gold medal at the 2016 Summer Olympics, which Brazil hosted.

Information from Julien Laurens and ESPN Brazil was used in this story.