Speculation that Brazilian attacking midfielder Lucas Paquetá could be making a return to boyhood club Flamengo has reignited interest in the Flamengo Fan Token ($MENGO), as trade volume more than doubled following the news.

Several sources claim that not only does Paquetá have his heart set on a return to Brazil despite interest from numerous Premier League clubs, but that he has already agreed personal terms with Flamengo.

A day earlier, football news site The Athletic reported that Paquetá’s current club, West Ham, had rejected a bid of $40.9 million from Flamengo for the player.

Paquetá’s desire for a move reportedly saw him ask to be left out of West Ham’s recent FA Cup tie against Queens Park Rangers, however club sources say this was due to injury.

The speculation regarding Paquetá’s potential return to Brazil to play for Flamengo made its way over to the Flamengo Fan Token ($MENGO) on Tuesday, as the token’s price and trade volume surged off the back of the news.

Flamengo ($MENGO) Gains 13.7%

From a daily low of $0.080, the valuation of the Flamengo Fan Token ($MENGO) climbed to $0.091, marking a spike of 13.7%.

By time of writing, the token price had fallen back to $0.0895, leaving the token’s 24-hour growth standing at 11.8%.

Trade volume for $MENGO almost doubled amid the Paquetá transfer speculation, increasing from $102,000 to $200,000.

Following a successful season in which Flamengo won the Brasileiro Série A, the Supercopa do Brasil and the Copa Libertadores, the valuation of $MENGO has increased 49% since mid-December alone.

Paquetá Agrees Terms with Flamengo

According to football’s own Nostradamus, Fabrizio Romano, Paquetá has already agreed personal terms with Flamengo and is now just waiting for West Ham to agree to a transfer bid.

West Ham are reportedly reluctant to let the player go as they attempt to avoid relegation, with the team currently sitting in 18th place, having accrued just 14 points from 21 games.

West Ham bought Paquetá from French club Lyon in 2022 for a fee believed to be around $67 million including add-ons.

With a $40.9 million bid already rejected, West Ham may be holding out to recoup more of the outlay they spent on the player, or may be waiting to sanction a sale until the club has found a suitable replacement.

Greg Thomson: Fan Tokens Market Reporter