The Gunners midfielder, who made 153 appearances in five years at the Emirates, has been on loan at the Brazilian club since 2011 after falling out of favour with manager Arsene Wenger.
Denilson, 24, has stated that he would like a quick resolution to his future, saying he would be "annoyed" if a deal is not agreed soon.
However, it now seems likely that talks between the two clubs will not begin until the summer.
Juvencio told Gazeta Esportiva: "It's still too early.
"We'll see if we buy him, but not now, rather in the middle of the year."