Manchester United to cut Rio Ferdinand's wages?

Manchester United are reportedly preparing to offer Rio Ferdinand a new contract that will slash his current salary in half.

The 33-year-old is believed to earn around £120,000 a week under the terms of his current deal, which expires next summer.

United are eager to keep hold of the centre-back, but are not willing to keep paying out the same wages because of his age, according of Goal.com.

Instead, the defender will be offered a package worth in the region of £60,000 a week for 12 months.

Ferdinand, who has been at Old Trafford since 2002, was criticised by manager Sir Alex Ferguson on Saturday for refusing to wear a 'Kick it Out' T-shirt prior to United's 4-2 win over Stoke City.