The Brazilian club's president Eduardo Bandeira de Mello confirmed an interest in the forward but revealed that funds are not currently in place for the transfer to go through
Robinho has fallen out of favour at AC Milan and it has been widely reported that the club are looking to offload the 30-year-old this summer, with offers from the A-League, MLS and Brasileirao sides Santos and Atletico Mineiro all rumoured to have been submitted.
Bandeira de Mello admits his own side would be keen to bring the former Real Madrid man back to Brazil but concedes his salary would be too great without additional backing.
"There's nothing concrete about the arrival of Robinho to Flamengo," said the club's president in an interview with SportTV.
"A signing of this magnitude, at a time we are going through, it must be a project with participation of investors and companies who want to associate their image with the player.
"This has to be planned very carefully. At the moment, we are still experiencing a difficulty in the short term. At the moment, to pay anything, you have to think first in resolving our pending disputes."
The president also admitted that Flamengo's top earners could also face payment delays in the short term due to their financial difficulties.
"Flamengo has a small delay on a part of the players, those who earn more," added Bandeira de Mello.
"But this is a situation which we intend to settle very quickly. It's a situation that bothers me."