The 31-year-old signed for Milan in January 2007 from Real Madrid but has been plagued by a series of injuries and has made just one appearance for the Rossoneri this season.

The three-time world player of the year is reportedly set to be offered a three-year contract with the Rio de Janeiro club and a backroom post after his retirement.

Flamengo vice-president Kleber Leite claimed last week that an offer would be made for Ronaldo within two weeks, but the club's vice-president of marketing, Ricardo Hinrichsen, revealed on Wednesday that the funds have yet to be put in place.

Hinrichsen told GloboEsporte.com: "The deal depends on how receptive our sponsors are. We need some financial support to put forward a concrete proposal to Ronaldo."

He added: "Inside the club, we'll sort out everything by the end of this week.

"Companies like the concept but we haven't gone into the figures."

Ronaldo's Milan contract expires in the summer but Flamengo hope to sign the two-time World Cup winner in time for him to play in this year's Copa Libertadores.