The Sun says United had hoped to tempt the Spanish giants with an offer of £65million plus Nani.
But Real want Hernandez and are set to bid £25m even if a deal for Ronaldo falls through.
Qatari-backed Paris Saint-Germain have already bid £80m for Ronaldo — the fee United sold him for in 2009.
And Premier League champs United are one of the few clubs that could afford the 28-year-old megastar.
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