Authorities here accuse Rincon, who was arrested at his house in Brazil this week, of being an associate of Colombian druglord Pablo Rayo Montano in a money-laundering scheme in Panama.

"Panama will substantiate the (extradition) document and send it to Brazil," Gretta Marchosky, a foreign affairs official at the public ministry, told reporters.

Montano, who was arrested in Brazil last year in a US-led operation, is accused of heading a drug smuggling and money laundering network operating in Panama and Sao Paulo.

Rincon has been accused of being an associate of Montano in several businesses in Panama that were used to launder money.

Rincon has admitted to knowing Montano since his childhood in Colombia and having met up with him again in Brazil, but denies accusations that he collaborated with him in illegal activities.

The former midfielder played in three World Cups for Colombia's national squad. His club teams included such giants as Spain's Real Madrid and Sao Paulo's Corinthians.