The Daily Star on Sunday reports that the Real Madrid star "has told a senior player at Old Trafford that he would seriously consider the proposition of joining" the Red Devils.
Ronaldo left United for Spain in 2009 in a world record £80 million deal and the Star says United are hoping to buy him back for *only* £65 million.
Wages are not said to be a problem as United would get sponsors to partially fund his wages at the club.
However, while United would obviously love to get Ronaldo back as soon as possible, they might have to wait a season.
"Ferguson would love to bring back Ronaldo, 28, but has always insisted it would be a difficult deal to complete," the paper says.
"And as he has two years remaining on his contract in Madrid, there could be more chance of signing him at the end of next season."
The prospect of United making a big splash in the transfer market is all over the papers with the Mirror predicting they will test Tottenham's resolve to keep Gareth Bale at the club with a mega-bid in the summer.
"United believe 23-year-old Bale would favour a switch to Old Trafford over a move to Real Madrid if Spurs can be persuaded to sell," the paper says.
"United are prepared to sweeten their bid by offering Spurs the likes of Anderson and Nani – two players (Tottenham manger Andre) Villas-Boas is known to admire."
Borussia Dortmund striker Robert Lewandowski also continues to be linked with United across a number of papers although he is said to be more likely to end up at Bayern Munich.
Roman Abramovich has arranged to meet Jose Mourinho this week to discuss a possible return to Chelsea. It is believed that the talks, scheduled to take place in the Mediterranean aboard the Chelsea owner’s £300 million super-yacht Eclipse, would be the first face-to-face meeting between the pair to thrash out a return for Mourinho. (Sunday People)
Frank Lampard is wanted by AS Monaco. The Chelsea star, 34, is out of contract next month and has yet to sign a new deal at Stamford Bridge. (Sunday Mirror)
Rafa Benitez will be offered the chance to join Germany's footballing renaissance next season, with Schalke chasing him as their No 1 choice to be new manager. (Mail on Sunday)
Liverpool manager Brendan Rodgers has reignited his interest in Barcelona striker David Villa. Now aged 31, Villa does not fit into the FSG remit of signing young players whose value will increase but Rodgers desperately wants proven talent. (Sunday Mirror)
Loic Remy has set his heart on a summer move to Arsenal. Striker Remy will quit QPR at the end of the season and a relegation release clause in his contract means he is available for just £6 million. That has alerted a host of clubs, including Arsenal, Tottenham, Liverpool, Everton and Newcastle. (Sunday Mirror)
Peter Crouch is being lined up for a move to West Ham. And Stoke City have already started to plan for life without the big striker – by plotting a surprise swoop for Arsenal’s Nicklas Bendtner. (Daily Mirror)
Everton are stepping up their interest in Denmark hitman Andreas Cornelius. The £5 million-rated striker has hit 20 goals this season to put FC Copenhagen on the brink of the Danish title. (The Sun)
Manchester City are considering another raid on Swansea, this time for left-back Ben Davies. The Blues produced one of the surprises of last summer by signing Swansea winger Scott Sinclair. Now they are tracking Davies, 20, who has been a revelation this season. (Sunday Mirror)
And finally Manchester City defender Aleksandar Kolarov will consider his future at the Etihad Stadium this summer after becoming frustrated at losing a regular place in Roberto Mancini’s line-up. Kolarov is believed to prefer a move back to Italy. (Mail on Sunday)