The Brazilian superstar will return to his homeland after agreeing personal terms over a move.
Neymar is out of contract at Al Hilal at the end of the season and is set to leave after barely even playing over his lucrative two-year spell in the Middle East.
Santos made an approach to Neymar's current club, Al-Hilal, to bring him to the club on loan.
However it's now possible that the forward could terminate his deal in Saudi Arabia in order to sign a one-year deal with Santos.
That deal includes a one-year option and cost him around £52million ($65million) in the process.
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His time with the Saudi side hasn't gone to plan after he suffered a serious ACL injury which led him to miss more than a year out and forced him to consider retiring.
Neymar will meet with Al-Hilal on Monday to discuss the finer details of agreement and if all goes to plan, he could fly to Brazil this week.
If Neymar does leave Saudi Arabia, he's expected to maintain a relationship with the nation and be named as a 2034 World Cup ambassador.
Neymar announced himself on the global stage with Santos where he made 200 goal contributions in 225 games as a teenager before completing a blockbuster move to Barcelona in 2013.
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Should Neymar's move to Santos come to fruition, it could spell bad news for Liverpool.
That's because Al-Hilal keen to exploit a transfer loophole to bring in Mohamed Salah as his replacement.
Salah is out of contract at Liverpool at the end of the season and could be available on a free transfer in the summer, and Turki Alalshikh - 'the most connected person on all of Saudi sport' - recently hinted a deal was on the cards by posting a photoshopped image of Salah in a Al Hilal shirt on social media.
Liverpool remain confident of extending his deal at Anfield.
However, talkSPORT's transfer correspondent Ben Jacobs also revealed that the 'exceptional window' could throw up some surprises.
"Keep an eye on the exceptional window between the 1st and 10th of June, when any federation can take FIFA up on this window to sign players in the build up to the Club World Cup.
"The English FA haven't decided yet. It's all clubs, not just Club World Cup teams, so that's the debate here - do you do it to benefit Chelsea and Man City, or do the other 18 Premier League clubs say, 'We're not that interested'?
"The Saudi FA have already said, 'Yes', so Al Hilal have the opportunity to sign Salah on a free transfer, potentially in the build up to the Club World Cup and then use him at that tournament.
"That is a consideration, but at the moment Liverpool still feel he offer is there for Salah and remain optimistic he will extend.
"That's despite this little tease from Turki Alalshikh, and usually when he reveals something - he's the guy behind the boxing in Saudi Arabia for example - nine times out of ten when he posts something there's some substance to it.
"So Salah and Saudi, even though Liverpool are optimistic, remains one to watch."
Salah has enjoyed a wonderful season for Liverpool so far.
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As well as scoring 23 times in 32 games in all competitions, he has provided 17 assists along the way as well.
It means that the Egyptian star has now score 234 goals in total for the Reds since he joined in the summer of 2017.
Neymar performs dazzling nutmeg on his return from injury for Saudi Pro League side Al Hilal