Aparecida Schunck, the mother of Ecclestone's wife, Fabiana Flosi, was captured in Sao Paulo on Friday night, according to Brazilian news magazine, Veja.
According to Veja, a source reportedly close to the police investigation told them that the criminals have demanded the ransom money be paid in pounds sterling and split into four plastic bags.
£27.8 million is the largest ransom ever demanded by Kidnappers in Brazil, a country where the rate of crime especially kidnapping and robbery has sky-rocketed in the last one year.
Formula 1 boss Ecclestone is the UK's fourth richest person with an estimated £3.2billion fortune and one of the most powerful people in sport.
Bernie Ecclestone divorced his wife of 25 years, Croatian model Slavica Radic to marry Fabiana and they both live in London but Fabiana's mother continues to live in Sao Paolo.
Ecclestone and his wife are yet to publicly say anything about the reported kidnap.
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