The 22-year-old midfielder could still leave the Bundesliga for his native country, even though the clubs failed with their initial negotiations
Hamburg midfielder Walace has not given up hope on joining Flamengo despite talks between the two clubs breaking down, Goal understands.
The Brazil international moved to the Bundesliga from Gremio for €9.2 million in the summer, but has only played 12 games for HSV and is already eager to find a way out of the club.
Hamburg had been in negotiations with Flamengo about a loan deal, but the two sides could not agree on the length of the temporary, switch with the Brazilian club looking to keep the 22-year-old until December.