Diario do Peixe, a newspaper from Brazil that covers Santos closely is the outlet reporting a potential loan deal.
According to them the Brazilian club, who are returning to Serie A after a year in Serie B, have reached an agreement to bring Neymar on loan until this summer and Al Hilal will cover part of his wages during this time.
Neymar's contract at the Saudi Arabian club expires at the end of June so he could move to Santos permanently as a free agent in July.
The Brazilian star transferred to Saudi Arabia from PSG in 2023 for 90 million euros. However, he has played only three league games for Al Hilal so far.
He missed a long period due to torn knee ligaments and soon after returning to the squad, he injured his hamstring again.
Santos will be hoping to help Neymar return to full fitness and to somewhere close to his best. The Brazilian giants are returning to the top division and will be counting on Neymar to ensure they don't struggle again.
Read more about Santos ahead of their return to the top flight here.