Rio de Janeiro, Jun 25 (IANS): Brazil's mid-year transfer window is set to be postponed to prevent a mass exodus of talent to foreign leagues.

The transfer period, due to begin on July 1, is expected to be shifted to the end of July and will run until late August, according to widespread media reports on Thursday, writes Xinhua news agency.

Clubs reached an in-principle agreement with the Brazilian Football Confederation (CBF) during a video conference call on Wednesday, the Globo Esporte news outlet said.

The possibility of an additional transfer window starting in late September or earlier October was also discussed in the call.

Many Brazilian clubs are struggling to remain solvent as the COVID-19 pandemic denies them of vital matchday and TV revenues.

Fears that clubs could lose their best players have been heightened by the sharp devaluation of Brazil's currency, which has widened the wage gap between the local Serie A and European leagues.