The Daily Mail says Woodward is said to favour a high-impact signing that would have commercial benefits around the world.
United have first option to buy under the terms of his transfer to Madrid in 2009 and most of that world record fee remains unspent. They could expect to pay around £60m to buy Ronaldo back because, although he has taken his game to new heights in Spain, he is now 28 and has just over two years left on his contract in Madrid.
His wages would take that well beyond the £100m mark but United are fully aware of the commercial value of a player who was transformed from a raw teenage talent into World Player of the Year during his six years in Manchester.
United could even look to their expanding portfolio of global sponsors to help fund the deal.
Is £60M a good price for Ronaldo? Would Woodward become a legend delivering Cristiano to United fans? Give us your shout below...