Neymar has rejoined Santos, the Brazilian club where both he and Pelé made their names.
Santos posted a video captioned "ThePrinceIsBack" on X in which Neymar said: "King Pelé, your wish is my command, the throne and the crown they are still yours, because you are eternal.
"But the No. 10, it will be an honour to wear the sacred jersey that represents so much for Santos and the world. I promise to do everything I can to keep honouring your legacy, King."
Saudi Pro League club Al Hilal announced on Monday that they had reached an agreement with Neymar to terminate his contract after the Brazil star scored one goal in six appearances during an injury-hit 18 months in the Gulf nation.
The former Barcelona star tore the anterior cruciate ligament in his left knee while on international duty shortly after signing for Al Hilal. He returned to the pitch in October, but a hamstring injury prevented him from making a telling contribution to the club.
Neymar began his professional career with Santos in 2009 and developed into one of the brightest young talents in world football as he inspired them to a Copa Libertadores triumph in 2011.
He has earned 128 caps for Brazil, scoring a Selecao-record 79 goals -- two more than Pelé. Neymar was part of the Brazil side that won the gold medal at the 2016 Summer Olympics, which was held in Rio de Janeiro.
Information from Reuters contributed to this report