The fee will eclipse the £80m Madrid paid United for the services of Ronaldo in 2009, but Meulensteen, who worked closely with Ronaldo during his time at Old Trafford, believes that the Portugal captain is in a higher league than Bale.
"In my opinion, Bale is nowhere near on the same level, absolutely not," Meulensteen told The Telegraph. "Ronaldo is a far more complete player. Bale will still be important. He has time to settle in. It will make Real Madrid stronger, even more powerful."
Bale's proposed move is yet to be finalised, with just four days remaining in the transfer window.