The Brazilian club repeatedly tried to sign the 27-year-old striker over the summer but failed to iron out a deal with Man City before their transfer window closed.
Edu, Corinthians director of football, told Sky Sports News that he is planning to hold new talks about picking up Tevez - but not until next summer.
"I will talk to the president - we offered €40million and now the money we had we have spent some of, as that is football," he said. "We want to see how Tevez is and what his situation is, we will see if we can do a deal - he is very famous in Brazil and everyone loves him, and the fans want him."
Edu also defended under-fire former boss Arsene Wenger after Arsenal's poor start to the season.
"Maybe it has been difficult to replace the players, it is hard to rebuild your team but I hope he does it as I still have a good feeling for my Arsenal," said Edu, who played for The Gunners between 2001 and 2005. "Sometimes I cannot imagine why people think he is not good, he has been doing so well for so long."
Tevez has also been linked with Real Madrid.