• Neymar and his current team, Paris Saint-Germain, have not yet commented on the deal.
• "The league would like to have all the top players. And I think it is something that will be at the heart of this strategy," Saudi Pro League Director Michael Emenalo said.
• The reports are the latest in a series of high-profile athlete acquisitions by the Saudi kingdom that show a country striving to make a name for itself in global sports.

Saudi Arabia is once again luring one of soccer's biggest names with a multi-million-dollar contract — this time it's Brazilian superstar Neymar, who is reported to have agreed to a two-year deal with Saudi pro team Al-Hilal.

Neymar and his current team, Paris Saint-Germain, have not yet commented on the deal. Neymar, a PSG and Brazil national team forward, in 2017 became the most expensive player in history when PSG signed him from Barcelona for 222 million euros ($242 million). French sports daily L'Equipe said that he would earn 160 million euros ($175 million) over two seasons, but did not offer details on the transfer fee.

The reports are the latest in a series of high-profile athlete acquisitions by the Saudi kingdom that show a country striving to make a name for itself in global sports, using all the means that money can buy.

Saudi Arabia also recruited soccer legends Cristiano Ronaldo and Karim Benzema with contracts worth hundreds of millions of dollars, and it's expected to bid to host the 2030 World Cup. Other recent high-profile transfers include Chelsea's N'Golo Kante and Kalidou Koulibaly, Lyon's Moussa Dembele, and Manchester City's Riyad Mahrez.

"The league would like to have all the top players. And I think it is something that will be at the heart of this strategy," Saudi Pro League Director Michael Emenalo said Sunday during the league's season opener.

"In a couple of years, in a few short years, this will become a league for exceptional players only."

Al-Hilal also reportedly bid for PSG and France national team prodigy Kylian Mbappé, for a one-year contract worth up to 700 million euros, comprising a 200 million euro annual salary along with major commercial arrangements and image rights.

Sports analysts are doubtful that Saudi Arabia will see its ambitions to have a top soccer league realized, even with all the money it can offer to top-tier players. Bringing a domestic league to the level of those in Europe could take generations, many say.

A Saudi sports buying spree

Massive Saudi sports investments have gone far beyond soccer to include boxing, golf, auto racing and more. In June, news of a surprise merger between Saudi Arabia's upstart LIV Golf tournament and the American PGA Tour sent shockwaves through the world of sports and angered many commentators, athletes, fans and even U.S. lawmakers.

The multi-billion dollar spree is part of a broader campaign to remake the conservative Muslim country's image, attract tourism and diversify its economy away from oil. The 37-year-old Saudi Crown Prince Mohammed bin Salman launched a series of liberalizing reforms since coming to power, allowing previously-banned things like women driving, movie theaters and concerts, while simultaneously cracking down on dissent and imprisoning political activists.

As a result, critics of the kingdom, including human rights groups, accuse it of "sportswashing" — using sports to cover up and distract from wrongdoing like human rights violations. The Saudi government rejects the accusations. CNBC has reached out to the Saudi foreign ministry for comment.

Other criticism comes from an attitude among many that a Saudi league could never be a serious arena for athletes.

Emenalo, himself a former defender for Nigeria's national soccer team and former technical director at English club team Chelsea, called the criticisms "outrageous."

"Surprisingly, the biggest concern is narrative and we have to demolish some of these very outrageous narratives out there that there is something wrong with the Saudi League or with the kingdom of Saudi Arabia," Emenalo said, referring to the greatest barrier he finds to acquisition.

"That's what they worry about, but I cannot tell you how many calls or messages I got last night from players who had stayed up to watch this game because they wanted to see and, after they saw it, thought: 'You know what, it's not what I expected and I would love to be part of it.'"

The Guardian reported in late July that Saudi Arabia had spent more than $6.3 billion on sports deals since 2021, "more than quadruple the previous amount spent over a six-year period."

For the Saudis, it's a long-term investment in their economy and their people.

"Any sport that has consumers globally and domestically is a sport we're interested in as an investment opportunity, to not only create commercial returns for the investors, whether it's the PIF or private investors, but also as an upgrade to the quality of life of Saudi Arabia, it's part of our tourism agenda," Saudi Investment Minister Khalid Al-Falih told CNBC in June.

The PIF is Saudi Arabia's Public Investment Fund, a $600 billion sovereign wealth fund controlled by the crown prince that's being heavily wielded as an economic tool for Vision 2030, a years-long project aiming at modernizing and diversifying the kingdom's economy.

"It's part of retaining our Saudi citizens, global residents who choose Saudi Arabia as their home, to stay in Saudi Arabia and to consume this product that is of high demand," the minister said, "and also to bring global followers of sport to the kingdom for the various activities and sports that will be taking place here."