The Brazilian - who turns 36 in January - is coming off contract at struggling São Paulo-based second-tier club Oeste.
And, it’s understood he has agreed in principle to a return to the Sky Blues as they prepare for their A-League title defence.
The one-time Sydney marquee famously struck 52 goals during his previous two-year tenure, and his arrival would add options for coach Steve Corica up top, where the club have yet to fill the chasm left by leading scorer Adam Le Fondre’s loan move to Indian Super League side Mumbai City.
Kosta Barbarouses was not clinical enough as Sydney exited the AFC Champions League, though strike partner Trent Buhagiar impressed with five goals in six games.
Bobo - whose 27-goal haul in 2017-2018 remains an A-League record - is believed to have accepted a one-season deal for a fraction of his previous contract.
Sources in Brazil claim there have been issues with player payments at Oeste as the COVID-affected Serie B competition feels the pinch.
At the conclusion of his previous stint with Sydney, Bobo returned to the former happy hunting ground of the Turkish Super Lig.
But after past productive spells with Besiktas and Kayserispor he flickered at Alanyaspor, failing to score in 11 appearances.
Thirteen months ago he joined ISL side Hyderabad FC, scoring five goals in 13 appearances before the coronavirus curtailed the season.
He’s netted once in six appearances for Oeste, who sit bottom of the table with just 15 points from 26 games.
Sydney FC were contacted for comment, with a club spokesman saying: “Bobo is under contract in Brazil and we don’t comment on other club’s players.”