RIO DE JANEIRO - Brazilian giants Flamengo and former player Ronaldinho Gaucho have finally reached a settlement on the player's contract totalling R$17 million (Brazilian reais).

Brazilian soccer club Fluminense's newly signed player Ronaldinho Gaucho greets fans during his first training session with the club in Rio de Janeiro, Brazil in this July 27, 2015 file photo.??[Photo/Agencies]

The two-time world player of the year will receive R$5 million up front, with the remaining R$12 million to be paid in 10 monthly installments, the first of which is to be deposited at the beginning of March.

After leaving the club in 2012, Ronaldinho initially sued his former employers for R$50 million in late contract payments and "moral damages."

Flamengo made an offer believed to be in the region of R$12 million and R$15 million, which was subsequently rejected by the player. The two sides have been locked in negotiations since last year.

Ronaldinho has been without a club since leaving Fluminense in August 2015, but is yet to call time on his colorful career. He has recently been linked in the Brazilian press with a move to Premier League strugglers Newcastle United.