Ronaldo joined Real Madrid in 2009 for a world record £80 million, but has appeared unhappy at the Bernabeu for chunks of this season.
United have for several months been linked with a move to sign the 28-year-old for a second time, but appeared to lack the financial clout to make it a serious possibility.
The paper reports, however, that by exploiting other commercial opportunities, United can put together a package which appeals to Madrid and Ronaldo.
The transfer fee, the Star says, is expected to be around £55m, a reflection on falling transfer fees in football and also the fact that Ronaldo’s contract is due to expire in the summer of 2015.
The wages, an estimated £220,000 a week, threaten to contravene Financial Fair Play regulations, but could be circumvented by Ronaldo signing a separate endorsement deal with the club’s sponsors. Chevrolet, backed by General Motors, who take over as United’s lead sponsor in 2014, may be tempted to help pull off the coup before their ties with the club commence officially, with the chance to have Ronaldo as a global ambassador too good to miss.
It’s not the only piece of business between Manchester United and Real Madrid touted in the back pages today, either.
David de Gea is being touted for a return to La Liga in the Daily Mirror as Madrid look for a long-term replacement for Iker Casillas.
Casillas is a Madrid institution, having made his debut 14 years ago as a teenager and having won almost every major trophy in domestic and international football.
But at the age of 31, and having suffered a broken hand which has ruled him out this year, Real Madrid are beginning to plan for the future, and the 22-year-old former Atletico Madrid goalkeeper fits the bill.
In Chile, the website 24 horas claim that Malaga manager Manuel Pellegrini has met officials from Manchester City and has struck an agreement to take over from Roberto Mancini as boss in the summer.
Pellegrini has impressed with Malaga in trying circumstances, as players including Santi Cazorla and Nacho Monreal have been sold off. The club progressed to the last 16 of the Champions League, and are in the top four in La Liga once again.
Arsenal are set to lose Bacary Sagna, say the Guardian, after the 30-year-old was disappointed by the offer of just a one-year contract extension.
And finally, the Gunners are also keen on Chelsea starlet Nathaniel Chalobah, who has impressed on loan at Watford (Daily Star), but as the Blues face a bid for the 18-year-old midfielder, they are also lining up a £1.7m deal for 17-year-old Chilean winger Cristian Cuevas (Daily Mirror).