Reports from Brazil last month linked Manchester City, Chelsea and Bournemouth with the 17-year-old following a string of impressive performances for Brazil at youth level. Cruzeiro's response has been to consolidate their position rather than wait for formal offers to materialise.
According to reports in Brazil, the club have purchased an additional 20% of Pape's economic rights, taking their total ownership to 70%. Azuriz retain a 25% stake, while the midfielder himself holds the remaining 5%.
Brazilian reports continue to suggest any future transfer could be worth in the region of €40m, equivalent to roughly £34.5m, though no official offers have been made at this stage.
The timing of Cruzeiro's move follows a breakout period for Pape, who captains Brazil's Under-17 side and has continued to raise his profile since starring at the South American Under-17 Championship.
This week alone, Pape scored in both of Brazil's victories over the United States at youth level, finding the net in a 4-0 win before scoring the only goal in a 1-0 victory in the second fixture.
At club level, the midfielder has already established himself in Cruzeiro's Under-20 side, despite being young enough to feature at Under-17 level. He has recorded three goals and two assists in 18 appearances this season for the Belo Horizonte club.
Pape also played a key role in Cruzeiro's Brazilian Youth Cup triumph earlier this year, a contribution that prompted the club to extend his contract through to January 2029, well before the latest interest from England emerged.
For Manchester City and Chelsea, both clubs with extensive networks in Brazilian football, Pape represents the kind of long-term investment that has become increasingly common in recent transfer windows, signing highly-rated teenagers years before they are ready for senior football in Europe.
Cruzeiro's increased stake changes the dynamics of any eventual sale, ensuring the Brazilian club would retain the lion's share of any fee generated. It also signals confidence in Pape's trajectory at a time when his value is rising rapidly on the back of his performances for Brazil's youth sides.
With the midfielder tied down contractually until 2029, there is no pressure on Cruzeiro to engage with interested parties before they are ready. For now, Pape's focus remains on continuing to deliver for Brazil's youth teams, with each performance only adding to the figures being discussed in boardrooms in Manchester and London.