His agent Fabiano Farah told the Reuters news agency that "a verbal agreement" had been reached between the player and the club, while Corinthians announced on its official web site that a deal was close to being sealed.
Two-time World Cup winner and three-time World Player of the Year Ronaldo has not played for a Brazilian club since leaving the team that nurtured him, Cruzeiro, at the age of 17. From there he joined Dutch club PSV Eindhoven before his career took him to Barcelona, Inter Milan, Real Madrid and then AC Milan.
Wherever he's played, he has scored goals and suffered injuries, the latest being a ruptured tendon in his left knee in a Serie A game for Milan against Livorno in February, his last game for the Milan. He has also been held back by fitness and weight problems, as well as a turbulent private life.
Recently he was linked with Manchester City, but also told Italian media that he was considering retirement. Rumors that three transvestites he was caught with in a Rio de Janeiro hotel earlier this year were in fact disguised representatives of the L.A. Galaxy attempting to lure him into signing a five-year deal with Major League Soccer are entirely unfounded.