Sky Sports sources understand Corinthians have made a new bid worth up to £40million for Manchester City's Carlos Tevez.
The Brazilian club failed in a £35m offer for the want-away Argentine earlier in the week, while their president, Andres Sanchez, claimed Juventus made a £45m offer.
It is thought that Juventus have made no approach, despite holding a long-term interest in Tevez, who is City's club captain.
Corinthians, though, have made a renewed offer, which would be funded through a multi-million pound television rights deal.
Sanchez had said that his club would not be able to improve their offer if the previous £35m bid failed, but that appears to have been a bluff.
City will now consider their options, however, they are under no pressure to sell and it has been reported that owner Sheikh Mansour and chairman Khaldoon al-Mubarak will not alter a valuation of £50m.
Tevez, a Corinthians player between January 2005 and August 2006, has three years left on his contract, but requested a transfer at the beginning of July with 'great regret' because he wants to move back to South America to be closer to his family.
Argentina international Tevez, who is currently on duty at the Copa America, has scored 52 goals in 86 appearances since joining City in the summer of 2009.
Forty-six of those goals have come in the Premier League to make the former Manchester United player the most prolific frontman in England's top flight over the past two years.
City will reportedly attempt to activate the £40m release clause in the contract of wantaway Atletico Madrid striker Sergio Aguero if Tevez leaves.