The 19-year-old, also known as 'Gabigol', is attracting interest from a number of top European clubs such as Paris St-Germain, Borussia Dortmund and Chelsea.
Spanish champions Barcelona also have first option to buy Gabigol, meaning that Barcelona will be informed of any bid accepted by Santos from another club and Barca will have a bid automitically accepted if they match the value of the accepted bid.
On top of this, Santos only own 40 percent of the player. Gabriel Barbosa's family own another 40 percent and Doyen Sports own 20 percent.
Santos club president Modesto Roma told 'Globo Esporte': "We sent a letter to Wagner [Ribeiro, Gabriel's agent], Valdemir and Lindalva [his parents] with the terms.
"Santos are now waiting for their position. If they think it's interesting, then we'll go to the next step, including informing Barcelona".
Barcelona may well be interested in signing the 19-year-old, given that the Catalan club are looking to sign a striker meaning that it may well end up being a toss-up between the La Liga and Serie A champions.