The Sao Paulo outfit have thus far been frustrated in their attempts to persuade the Rossoneri to allow the player to return to the Vila Belmiro on loan, with the Italians adamant that the 28-year-old will only be allowed to leave San Siro on a permanent transfer.
Santos are not in a financial position to meet Milan's asking price and, for that reason, president Riberio has admitted that the prospect of Robinho rejoining the club is unlikely.
"It is still a distant dream," he toldLancenet.
The club harbour some hopes of raising funds for the proposed transfer and are hoping to make something happen during Robinho's month-long holiday in the country.
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But vice-president Odilio Rodrigues is downbeat on Santos' hopes of agreeing a deal with the Rossoneri, just as they did two years ago with Manchester City, even though he claims that the forward is keen to rejoin the club.
"The fact that he wants to return can help, yes, but this time around, trading would not be like in 2010, with Manchester City," he explained. "It would be something totally different, with another financial agreement.
"At that time, he came on loan. Now, it seems that Milan will only agree to sell him because they are keen to invest in top players."
Robinho, who has been capped 90 times by the Selecao, made his name at Santos before moving to Real Madrid in 2005.