The 27-year-old has struggled for a spot of the first-team under Lisbon's coach Jesualdo Ferreira this season after arriving at the club for a record nine million euros in 2011, reports Xinhua.
Elias becomes the first major signing under new president Eduardo Bandeira de Mello, who took charge of Brazil's biggest club last month.
The one-year agreement includes a clause allowing the player to leave in the European summer transfer window, Brazilian daily O Globo reported.
Elias, who has also had spells at Corinthians and Atletico Madrid, has won 13 caps for Brazil since making his international debut in 2010.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app