The veteran stopper is set to travel to Brazil to complete a medical and finalise the move, after falling down the pecking order at Bournemouth.
The move will be a big saving for the Cherries on their wage bill, as one of the club's highest earners, on top of the £4million that the club got for Irish keeper Mark Travers as he moved to Everton.
It is also part of the club's plan to move squad players on, with Joe Rothwell moving to Rangers and Jaidon Anthony joining Burnley.
That pair, along with Neto, Travers and Max Aarons, all went on loans last season and have moved on this summer, although Aarons has gone on another loan, joining up with Rothwell at Rangers.
Neto has been at the Cherries since August 2022, when he joined from Barcelona.
He has played 63 times for the club, keeping 13 clean sheets.
In his first season in Dorset, he played 28 times for the club, displacing Travers as the club's number one and becoming the club captain in February 2023.
The following season saw him feature 32 times in the Premier League for the Cherries, but he fell out of favour at Dean Court as Kepa Arrizabalaga was signed on loan from Chelsea for the 24/25 campaign.
That prompted him to join Arsenal on loan, where he played only once, featuring against Girona in the Champions League, after arriving in London cup-tied.
But returning to Bournemouth this summer, he was among those who went on loans who were likely to move on, with the move back to Brazil the best for both parties as he was no longer number one, particularly after the signing of Djordje Petrovic from Chelsea.
The 36-year-old now looks set to complete his move away from Dorset as he heads to Botafogo.