Santos, 29, was signed from Fenerbahce for £6.8million in August 2011.
However, the Brazil international has fallen down the pecking order at Emirates Stadium behind England left-back Kieran Gibbs, and following the deadline day arrival of Spaniard Nacho Monreal is now surplus to requirements.
While there has not yet been any official comment from Arsenal, a picture of Santos arriving in his homeland, where he last played for Corinthians in 2008/2009, greeted by cheering fans was posted on Twitter.
Meanwhile, Arsenal forward Lukas Podolski put a post on his official Twitter account which read: "@Andre-santos27 We will miss you man, I wish u all the very best #Gunner God bless you".
Santos made 26 appearances for Arsenal, scoring four goals.
It remains to be confirmed whether the transfer will be permanent or a loan deal.
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