The Brazilian forward's current deal expires at the end of the month, but the club's management and the player's staff, led by Neymar's father and agent, Neymar Sr., have reached an understanding for the player to sign a six-month contract until the 2026 World Cup, according to ESPN sources.
Neymar, 33, is currently on holiday in the United States. Despite struggling with a left knee injury, Neymar helped Santos defend their top-flight status by scoring four goals in their last three league games.
The former Barcelona and Paris Saint-Germain star is expected to undergo arthroscopic surgery on his left knee before the end of the year. The procedure is considered straightforward and the estimated recovery time will be around one month.
Neymar admitted at the end of the season that his priority is to remain at Santos.
Neymar, who returned to his boyhood club in January after leaving Saudi Pro League side Al Hilal, is hoping to play in his fourth World Cup next year.
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Injuries have prevented Brazil's all-time leading scorer from being involved with the national side the last two years. Neymar ruptured his left ACL and tore his meniscus in October 2023 while playing for Brazil.
Sources have told ESPN that Santos consider Neymar a valuable asset not only in terms of sporting performances but on the commercial impact he's had since returning to the club.
Despite the fitness setbacks, Neymar still managed 12 goals and six assists in 30 games for Santos.
Additional reporting from Adriana Garcia was used in this report.
