West Ham are willing to sell Lucas Paqueta to Flamengo this month if the deal includes an agreement for the Brazilian club to loan the midfielder back for the rest of the season.
Talks are continuing over the next 24 hours with West Ham looking for around £40m.
The 28-year-old wants to return to Brazil and refused to play in the Hammers' FA Cup win over QPR on Sunday. West Ham rejected a proposal worth up to £30million from Flamengo earlier this week.
They do not want to lose him for the rest of the season, seeing him as key to their hopes of Premier League survival.