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The 35-year-old has played sparingly for Brazilian club Santos this season as coach Dorival Junior favours younger players, reports Xinhua.
In a statement on their official website, Santos said Elano would assume an assistant coaching role at the club next season.
Capped 50 times for Brazil's national team, Elano's club career included spells at Shakhtar Donetsk, Manchester City and Galatasaray.
He represented Santos 321 times, scoring 68 goals and helping the club to the 2002 and 2004 Brazilian Serie A titles.