Rio de Janeiro side Flamengo are keen to strike a deal for the two-time World Player of the Year, but the 30-year-old is understood to be keen for one more challenge in Europe before returning home.
Ronaldinho has twice before been close to moves to England and still harbours a desire to play the Barclays Premier League, according to sources in Italy.
Samba superstar: Ronaldinho fancies a crack at the English top flight
Manchester United were outbid by Barcelona when the forward left Paris Saint-Germain in 2003, while Manchester City missed out when Barca off-loaded him to Milan two years ago.
Chelsea were also keen on a mega-deal for Ronaldinho in 2007, but are unlikely to renew their interest in a player who has declined dramatically since being considered peerless just five years ago.
The former Gremio star has shown glimpses of his best again this season for Milan, but is still unlikely to be recalled by Brazil boss Dunga in time for the World Cup.
With his current deal running to the end of next season, Milan are keen to negotiate an extension but want a 25 per cent reduction on his current terms of £135,000 a week.
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