The 29-year-old joined the Premier League club in 2011 from Fenerbache as part of manager Arsene Wenger’s deadline day spending spree.
Initially he looked to be a sound purchase, but his form has tailed off leading to him becoming a bit-part player in North London.
He has made only a handful of appearances so far this term, infuriating the supporters in the process by swapping shirts with former club captain Robin van Persie at half-time.
Despite taking to Twitter to apologise, it would appear that his time in England is up, which has tempted Sao Paulo.
Former club Fenerbache are thought to be interested as well as Turkish rivals Besiktas and Galatasaray.
However, the Brasilero outfit are firm favourites due to the financial muscle they now possess and the opportunity Santos will have to force himself back into the national team ahead of the 2014 World Cup.
The defender admitted that he would be open to a return to Brazil:
“If there is any interest from Sao Paulo, we’ll talk, as I’m professional.”
Arsenal are aware that they’re unlikely to receive a substantial fee for Santos, but would like to reclaim around half of the £6m they parted with for his signature last year.