Flamengo have secured the services of Ronaldinho for an additional year, according to club's vice-president of finance.
The forward had not been paid by his employers for the past four months, but supremo Michel Levy announced that a compromise package has been met with Traffic, the company responsible for paying part of the Brazil international's contract.
"It is a gift from Santa Claus to give back to the fans," enthused Levy to AS. "It is a very happy day for us. We worked hard and finally reached an agreement."
Also, a report in Thursday's O Jogo states that the agreement is to be signed by Ronaldinho on Friday, according to which he will pledge his future to the Brazilians for the next season, before receiving around €1.2 million in arrears.
Reports had linked the former Barcelona star with a move to Greece, as a possible transfer to Panathinaikos began to gain momentum, but his agent Roberto de Assis dismissed the reports, claiming his client and brother remained fully committed to the Flamengo cause.