Woodward endured a frustrating first summer as United's executive vice-chairman last year, as mooted transfers for Cesc Fabregas, Thiago Alcantara, Gareth Bale and even Cristiano Ronaldo failed to materialise.
When asked whether United would be willing to pay a similar amount for a player, Woodward said: "It is in our capabilities. The club are not afraid of doing that - spending significant amounts of money in the transfer market."
Woodward insists neither he nor the club would be fazed about being responsible for such a big deal.
"Whether it's a record or not doesn't really resonate with us," Woodward said.
"What resonates is a top, top elite player that the manager wants that is going to be a star for Manchester United.
"We are in a very strong financial position. We can make big signings.
"I get pointed in the direction of a target that the manager wants and there is an assessment of what that might cost and I'll negotiate hard to do the best I can on the trade."
Press Association Sport understands United are interested in signing Mats Hummels from Borussia Dortmund, although the club expect the Germans to fight hard for the centre-back, given that they have already lost Robert Lewandowski to rivals Bayern Munich this summer.
Van Gaal is also interested in signing compatriots Daley Blind, Stefan de Vrij and Kevin Strootman, although a move for the latter may have to wait until January as he is sidelined with the long-term knee injury that kept him out of the World Cup.
United have been told that Angel Di Maria is for sale, which could prompt Van Gaal to make an enquiry for the Real Madrid winger.
Arsenal defender Thomas Vermaelen is also on Van Gaal's wish list, although United have not, contrary to reports, agreed a swap deal for the defender that would see either Nani or Chris Smalling heading the other way.
Media covering United's tour in LA are suggesting that Hummels and Blind are on Van Gaal's transfer radar
If Woodward landed two or three of those targets, he would go some way to enhancing his reputation, which took a hammering last summer when his only capture was £27.5million man Marouane Fellaini, who went on to endure a torrid season.
The former investment banker, who joined United in 2005, admits he still has some work to do to persuade fans he is the right man to be responsible for the club's transfer and contract negotiations.
"You gain credibility through experience and through time," he said.
"You can't expect credibility from day one and I wouldn't ask that of the fans.
"You keep learning on the job and I'll continue to learn for a long period of time.
"I don't mind reading (criticism) because it's extremely important for me to listen to the fans.
"Criticism can change into positive comments over a period of time."
As well as experiencing troubles in the transfer market, Woodward also took the difficult decision to sack David Moyes, who was just 10 months into a six-year contract.
Woodward admits it was the toughest call of his career.
"I can't think of any bigger (decision)," he said.
"It is certainly the most important role in the club by some distance and we didn't take the decision lightly. It was a difficult decision."
One thing that Woodward took away from the challenging season under Moyes was a picture of the scoreboard at the Karaiskakis, which read: Olympiacos 2 Manchester United 0.
Woodward and the United board decided to dispense with Moyes after that lacklustre performance.
"It was a challenging year," he admitted.
"In an ideal situation, I would have worked with (Sir) Alex (Ferguson) for a year. But now there is a lot more positivity."
That positivity has come with the arrival of Louis van Gaal, who has restored an "aura" about the club, Woodward said.
Woodward maintains Van Gaal has not been set a target this year, although one would suspect anything other than a top-four finish would be termed as a failure in the new manager's eyes.
Van Gaal spoke at his unveiling about the hefty commercial demands of being Manchester United manager.
Woodward is sure any sponsor commitments will not impact on the new manager and his players though.
Fans question Woodward comments
"It doesn't disrupt the football club," he said.
"We plan very carefully about who does what and when.
"The average time (for media and charity commitments for the staff) over the last couple of years has been about 0.7 hours per week."
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