Robinho has admitted he would be keen on a return to Santos after failing to impress for City this season.
Santos communications co-ordinator Arnaldo Hase said: “We are respecting Manchester’s directors, they have to be respected.
“We are optimistic without being too optimistic.
“The negotiations began last week, there were some mails between the Manchester directors and Santos directors.
“The Manchester directors agreed to the possibility of discussing the negotiation. Our marketing directors travelled to England on Saturday and arrived on Sunday.
“They are in London now and I think they are conducting the negotiations now.”
Hase added on the length of the possible loan deal: “The first thought of the Manchester directors, it was about six months. Of course Santos would like it to be more – one year, one year and a half if possible.”