Apparently not no.
Sporting have revealed that Barcelona will be entitled to 20 per cent of the profit any future sale of Jeffren generates, with no mention of a buy-back clause for the Catalan club

Together with the announcement of the sale, Barcelona revealed on Thursday morning they will have the chance to buy back the winger for €8m at the end of the 2011-12 season, and for €12m once the 2012-13 campaign comes to an end.
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