Ronaldo, though, has apparently told his advisors that he would prefer to join United, who will offer half that amount.
The report says that Manchester United have already made contact with the player's representatives and know that he is considering a move.
The 28-year-old has two years left on his contract at Madrid and is unwilling to sign an extension.
United may have to wait until closer to the end of the deal when his price will fall. They are ready to offer around £60m plus a player to resign their former star.
Ronaldo is currently preparing to return to Old Trafford, as Real Madrid travel there in the second leg of the Champions League last-16 tie with United.