The Daily Star says in a sensational twist in their attempts to lure the Portuguese winger, the Spanish giants are only preparing to offer him a £5.5m-a-season deal.
The contract would leave Ronaldo around £1.5m out of pocket if he leaves Old Trafford. Club sources claim the player will not be bothered by the pay cut because his commercial earnings away from football will rocket after he signs for them.
However, it's a massive step down from original suggestions that they would offer him £10m a year.
Club captain Raul is understood to have it written into his contract that no-one at the club can be paid more than him.
So Ronaldo would join World Cup-winning Italy captain Fabio Cannavaro and Spain goalkeeper Iker Casillas on the same money as the Real forward.