MADRID: Real Madrid are close to agreeing a contract extension with Vinicius Jr. after discussions began in January amid interest from Saudi Arabia to sign FIFA’s Player of the Year to a record-breaking deal, multiple sources told Reuters on Thursday.

Despite the Brazil forward’s current contract running to the end of the 2026-27 season, the Spanish champions contacted the player’s agents last month to rework his deal and put an end to the Saudi interest that has rumbled on for over a year.

A source close to Vinicius Jr said that, despite multiple contacts from Saudi Arabia showing interest over a possible move to Al-Ahli, a formal contract offer was never discussed and Saudi confidence in a possible move has waned in recent months.

Real have denied being contacted by Saudi authorities but a source close to the Madrid club said they were approached by Saudi Public Investment Fund officials during the Spanish Super Cup in Jeddah in early January to enquire about Vinicius Jr.

However, the European champions showed no interest in negotiating a transfer, highlighting the 24-year-old player’s €1 billion ($1.04 billion) buy-out clause as the only scenario in which they would allow the Brazilian to leave.

“I don’t know anything, nobody has talked to me about (a Saudi offer),” Vinicius Jr told TNT Sports after Real’s 3-2 win at Manchester City in their Champions League playoff first-leg on Tuesday. “They have to speak to (Real’s) president. I hope I can stay here for a long time,” added the player of the match.

“It’s always very exciting to be able to open talks with Real Madrid about my renewal. I have a contract until 2027, but I’ve always spoken of my desire to be able to play here for a long time, to be able to make history here.”

Real announced Vinicius Jr.’s last contract extension in October 2023, which was a four-year deal reportedly worth a net €13.5 million in salary per season.

He opted for a shorter, incentive-based deal, rather than the usual five-to-six-year contracts most Real players sign, in a bet on his progress as one of Europe’s leading young players.

Top salary

Following a LaLiga and Champions League double last season and his FIFA Player of the Year award in 2024, sources said Vinicius Jr. had achieved a series of performance and loyalty bonuses that boosted his salary to the top of Real’s wage bill.

Neither the club nor the players disclose the figures in their contracts but multiple soccer sources said Vinicius Jr.’s salary is already at about the same level as their new striker Kylian Mbappe’s, around €18 million per year.

However, the Frenchman’s contract includes a €100 million signing bonus and a large percentage of his image rights that make him one of the highest-paid athletes in the world.

Following a couple of face-to-face meetings in the last few weeks in Madrid attended by Vinicius Jr.’s father, Real have put forward new numbers and a third meeting between club executives and the player’s team is scheduled for next week.

There is growing optimism on both sides that there will soon be an agreement on a contract extension for Vinicius Jr.

A source close to the player said he has no interest in joining another club in Europe and would only start listening to contract offers from Saudi Arabia above €1 billion.

Vinicius Jr. and his staff already have a fruitful business relationship with Saudi Arabia and he has participated in sponsorship and commercial meetings regarding tourism and E-sports events in the Gulf country.

There is also interest from Saudi Arabia in making him an ambassador for the 2034 World Cup, which will be held there.