Manchester United are planning to offer Ruud van Nistelrooy a five-year deal which could double his wages.
Van Nistelrooy is a Real Madrid target
The Dutch striker is midway through a five-year deal at Old Trafford, with reported wages of £40,000 per week.
But reported interest from Real Madrid has prompted Sir Alex Ferguson to table a bid worth about £80,000 per week, according to reports.
The 27-year-old has scored 95 goals in 123 United games and Ferguson said: "We are progressing with his contract."
Real's interest in the Dutch striker has prompted Manchester United to make Van Nistelrooy's contract a priority.
Former United midfielder David Beckham has admitted he would like to play alongside Van Nistelrooy again and Ronaldo has also declared his admiration for the striker.
But any new Old Trafford deal would elevate Van Nistelrooy alongside the likes of Roy Keane and Rio Ferdinand.