This skill is seen in the Ronaldinho Joga Bonito advertisement when he is playing as a kid. Air Elastico ad is right here. Surely, Ronaldinho will go down in soccer history as one of the best to ever play the game, and you'd have to say that this was one of his favorite moves or tricks to pull off when he played for Barcelona or Brazil.
Practice from your hands 1st as shown in step 1
STEP 1: using the top of your kicking foot. Touch the bottom of the ball outwards and move your knee to help with this.
STEP 2: Move your knee back and touch the outside of the ball with the inside of your foot/toe or top of your foot, whichever is best for you.
Keep practicing and don't give up too easily if you don't get it right away. It will take some time, but like most soccer moves or tricks, with daily work you'll get the hang of it.