Real Madrid have reportedly informed Manchester United that the Red Devils will have to come up with a bid of €500m (£450m) if they want to sign Federico Valverde this summer.
The 21-year-old has been in impressive form for Los Blancos during the 2019-20 campaign, contributing two goals and four assists for Zinedine Zidane's side in all competitions.
According to Diario Madridista, United are interested in signing the Uruguay international but have been told that he will not be allowed to leave for less than his release clause of €500m (£450m).
Valverde joined Madrid from Penarol in July 2016, initially turning out for the club's B side.
The midfielder then spent the 2017-18 campaign on loan with Deportivo La Coruna before stepping into the first team at the Bernabeu, making 25 appearances during the 2018-19 season.
Valverde's current deal in the Spanish capital will run until June 2025.