Fluminense have confirmed an interest in Deco and are weighing up whether to make an offer for the Chelsea midfielder.
The Brazilian-born Portugal international has started just 12 games in the Premier League this season and has been tipped to leave Chelsea in the summer.
Deco recently moved to clarify his future by insisting he intends to fulfil the final year of his contract at Stamford Bridge before returning to Brazil to finish his career.
The 32-year-old has expressed a wish to play for Corinthians upon his return to his homeland, but may have a summer offer from Fluminense to consider.
"We have already got in touch with the player and with his agent, but we still haven't decided anything and we haven't made an official offer for the player yet," Fluminense's vice-president Alcides Antunes told the Brazilian media.
"We got in touch with Deco and we are analysing the possibility of having him to reinforce Fluminense, but we also have some other options."
Deco's agent Acaz Felleger says the former Porto and Barcelona playmaker will wait until the summer before making a decision on his future.
Felleger told the Daily Mirror: "We will wait until the end of the season so Deco can concentrate on football.
"Maybe Chelsea will allow him to go as one day he would like to return to Brazil to be close to his family."