Flamengo do not "yet" have the financial means to lure Vinícius Júnior back to the club, according to its president Luiz Eduardo Baptista.
The Brazilian club made headlines when it signed its former midfielder Lucas Paquetá in January for a fee of €42 million (£37m, $50m), making it the most expensive transfer in the history of North and South American football.
However, bringing back Vinícius, who left Flamengo for Real Madrid in 2018 for a reported €45m, is a different matter.
"Vini is not a possibility for Flamengo," Baptista told Diario AS.
"I'm sure that if there were a transfer involving Vinícius Júnior, it would be a transfer with a salary, at current values, far higher than what we considered for Paquetá.
"And that possibility doesn't exist. He's still not within Flamengo's reach. Not yet. Flamengo can't yet."
Vinícius, 25, last month reiterated his desire to continue at Real Madrid beyond 2027, when his contract expires.
However, negotiations to extend his current deal have stalled.
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Asked if this has given Flamengo a glimmer of hope that the Brazilian forward could return to the club, Baptista said: "Vinícius will always be welcome. When he comes to Brazil...we love Vini. But Vinícius wants to stay in Europe.
"Paquetá and Vinícius are at different points in their lives. Paquetá has someone waiting for him at home every day [in Brazil], he has a family. Vinícius has no one waiting for him at home [with his family in Madrid]."
