Alfredo Morelos has agreed to take a bumper 50 per cent pay cut to stay and try and help Santos return to the top flight in Brazil.
The former Rangers striker's move to Santos has been a disaster so far after they were relegated for the first time in their 111-year history.
He has been plagued by injuries and only played 76 minutes and made one start since joining in August and failed to score a single goal as Pele's old club went down.
Santos agreed to allow Morelos to leave for nothing if he could find a new club and there were even suggestions the three-year contract would be ripped up, although there was little interest in the 27-year-old.
But after talks between the club, player and agent Martin Camono, reports in South America have revealed that Morelos has agreed to reduce his £40,000-a-week wages to £20,000 so he can stay at the club.
He rejoined the club this week for their pre-season training and reported fit.
And the Colombian is set to resume his career as Santos play in Serie B for the first time, with four clubs promoted back to the top flight.
