Manchester United and Liverpool target Lucas has reportedly been the subject of a bid from Inter Milan.
Italian publication Sportmediaset claims the player's parents have even met representatives from the San Siro club, with a €20 million offer put forward by the Serie 'A' side.
However, Sao Paulo are wanting a fee in the region of €35 million for the Brazilian international prodigy, suggesting negotiations will be needed between the two parties if a fee is to be agreed for the start of the January transfer window.
The news could spur one of the two English clubs into a move, with Liverpool boss Kenny Dalglish a known admirer of the 19-year-old attacking midfielder.
A 10-cap international, Liverpool were first linked with a move for the teenager in the summer transfer window after scouts from Merseyside took notice of the player's ability.
However, a sell-on fee was sighted as one of the main reasons behind Liverpool not making a move at the time, although the Reds have shown in the past that they are willing to spend big on young players at Anfield.
Andy Carroll and Jordan Henderson both joined the club for substantial figures in January and the summer respectively, and the £35 million splashed on the England striker might have to be replicated if Liverpool were to win this particular race.
Manchester United are unlikely to let one of the world's top prospects join their arch-rivals without a fight though, with Sir Alex Ferguson a reported admirer of the teenager.
The Red Devils have also invested heavily in young players recently, with David de Gea and Phil Jones making the move to Old Trafford for substantial fees in the summer.
However, an attacking midfielder is believed to be high on Ferguson's agenda in the New Year, with an injury to young Tom Cleverley exposing a lack of depth in the position at Manchester United following Paul Scholes' retirement at the end of last season.
Wesley Sneijder and Mario Gotze have also been linked with a move, and Lucas could be added to the bracket of a big-money playmaker signing should Manchester United look to South America over European options.