Madrid director general of the presidency Miguel Angel Arroyo claims the Spanish giants are happy to sit back and see what transpires.
Angel Arroyo told Marca: "We are waiting for Ronaldo to say something, and as soon as he says he wants to play for Real Madrid, there will be conversations between the two clubs.
"We would willingly reach an agreement with Manchester United if it is possible, if they want to sell and if the price was affordable."
Madrid coach Bernd Schuster added on Cope radio station: "We are left hanging on a little because of what is happening in the European Championships.
"At the moment, there is a lot of speculation, but that is normal."