Real Madrid president Florentino Perez is refusing to consider upping his contract offer to Sergio Ramos.

With his deal to expire in June, Ramos has been holding difficult and protracted talks with Florentino for months over a new contract.

El Chiringuito says Florentino will not change his plans and is offering a one-year extension to Ramos ... with an estimated salary cut of 10%.

If the Spanish defender wants to stay with the Los Merengues club, he will have to make concessions.

Florentino's motivation behind the reduced offer is due to the club's finances, which have been hit by Spain's stadium lockouts.