Santos president Odilio Rodrigues has confirmed the club are holding talks with AC Milan and Robinho over a potential summer swoop.
The attacker has fallen down the pecking order at San Siro and was believed to be close to a move back to Brazil in January, though his wage demands reportedly put suitors off bidding.
However, it looks like Santos are willing to bring the winger, 29, back to the club he played for before joining Real Madrid, but Rodrigues has admitted the financial demands will need to be considered before talks are taken any further.
"We are talking to Milan about Robinho," he admitted to Radio Bandeirantes. "We are evaluating the requests from both Milan and the player. He is always welcome here, but we have to understand whether the operation is possible.
"Aside from the dream and the desire, there is the reality. We cannot go crazy, so have to keep our feet on the ground. We are talking to Milan, but we’re still at the beginning and want to continue."
Robinho has a contract with the Rossoneri until June 2014 having joined from Manchester City for €15 million in 2010.
Prior to that, the Brazil international - who has not made an appearance for the Selecao since 2011 - had a short spell at the club where he made his name before leaving for the Santiago Bernabeu in 2005.
Santos recently sold Neymar to Barcelona for a fee believed to be around €28m.