Gremio president Fabio Koff has denied speculation the Brazilian side are looking to sign former Barcelona and AC Milan forward Ronaldinho.
The 33-year-old began his professional career with the club back in 1998, spending three years in Porto Alegre before switching to French side Paris St Germain.
Ronaldinho returned to his native Brazil in 2010 to join Brasileiro Serie A side Flamengo ahead of his move to Atletico Mineiro at the start of last season.
However, there is speculation over the 97-cap international's future at the Estadio Independencia, despite winning the Golden Ball award with the club last term.
Although Ronaldinho may become a free agent, Koff quashed any rumours he would be returning to his former stamping ground.
Speaking to Superesportes, he said: "The possibility of signing Ronaldinho does not exist.
"Gremio are in a different financial situation now, we have problems here and we are trying to cut expenses."
While Ronaldinho is off the cards for Gremio, one potential target during the January transfer market is Mallorca defender Pedro Geromel.
The Brazil-born centre-back joined Mallorca after a season-long loan spell but could be tempted back to his homeland after the club were relegated from La Liga last season.
Gremio executive Rui Costa told Globo Esporte: "Gremio are interested in Geromel and if everything works out we'll announce him within the next days.
"We have been following Geromel for a long time, he was twice named the best centre-back in Germany and twice in Portugal too."