The presidents of both teams - Gilvan Tavares of Cruzeiro, and Laor of Santos - met at Cruzeiro’s headquarters in Barro Preto to negotiate the deal which saw Henrique move the other way.
Under the agreement, Santos will acquire 60 per cent of the economic rights to the 28-year-old whilst former Raposa player Henrique will return to his old club as part of the deal.
Both players will undergo medicals for their respective clubs before signing the deal, with the exact costs involved not being disclosed due to a confidentiality clause in the contract.
Elsewhere, Gremio have announced the signing of former Lyon defender Cris on a one-year deal.
The Brazilian player left Galatasaray earlier in the week and was quickly snapped up with a return to his native country.
“It is a pleasure to be here wearing this shirt so important in world football. The conversations with Gremio began in early December, I had some conversations with [manager] Vanderlei [Luxemburgo] and, from the time he called me, I accepted on the spot,” said the player at his unveiling on Thursday.
The 35-year-old started his career at Corinthians, before switching to Cruzeiro after five season, then moving to Bayern Leverkusen and eventually Lyon where he spent nine campaigns.
The centre-back joined Galatasaray in 2012 but failed to adapt and only managed six months at the club.
He will now be hoping he can revive the form that got him in to the Brazilian national team.