Vinícius Júnior's agents have informed Real Madrid of their client's financial demands if he is to continue at the club beyond 2027, a source told ESPN.

The player's representatives are hopeful of meeting Madrid executives in the coming days to continue discussions.

According to the same source, Vinícius is closer to extending his contract at Madrid than to making a potential move to Saudi Arabia, as has been widely reported in Spanish media.

The Saudi Arabian league wants to make the Brazil forward the highest-paid player in the world, but sources added that since December there have been no updates on a proposed move.

According to the source, the player's entourage is annoyed that the Saudi league has yet to make an official offer because the ongoing reports could hinder Vinícius' image.

While the source did not reveal the specifics of Vinícius' financial demands to remain in Madrid, it did confirm that the player would receive higher wages than Kylian Mbappé and Jude Bellingham, while adding that Vinícius, 24, recently received an important bonus after winning The Best FIFA Men's Player award in December.

Vinícius' current deal ends in 2027 and as ESPN has reported in the past, the player's wages are close to 10 million ($10.45 million) net per season plus add-ons.

ESPN reported last week that Madrid had approached Vinícius' entourage to begin contract renewal talks.

The source adds that Vinícius is in no hurry to renew despite having spoken publicly about his intention to continue at Madrid long term.

ESPN contacted Madrid for comment but has yet to receive a response.

Vinícius finished runner-up to Manchester City's Rodri for the Ballon d'Or. In his seventh season with Los Blancos, he has scored 16 goals and set up 12 more in 30 appearances this season.