"We are hearing there is still a possibility that Ronaldo will leave United," a spokesman at Real told the Mirror. "Of course, it could still be a case of games being played, so that he can get the contract that he wants from United."
Real insiders are adamant that they have received soundings from Ronaldo's representatives that he is having second thoughts over committing himself to Old Trafford.
The Spanish titleholders are ready to pounce by confirming their £100million valuation if Ronaldo hints at a desire to move on - especially when he is on Euro 2008 duty with Portugal in Switzerland and Austria.
A Bernabeu source added: "The suggestion coming from Ronaldo's people is that he is not sure United will make good on the promises he has been made, and is starting to wonder of there is anything more he can do in England.
"We are talking about the best player in the world, who has won consecutive Premier League titles and could have won the Champions League as well by next week.
"If he is looking for the next challenge, then it can only come by leaving England and there could be no club better to go to after leaving Old Trafford than Real Madrid."