Real Madrid President Florentino Perez seems determined to do everything in his power to keep superstar Cristiano Ronaldo on his club.

According to UK publication The Sun, "President Florentino Perez is ready to offer Ronaldo more than £125 million over five years to sign a new deal - and insisted it will be finalized this summer."

The publication also noted that English side Manchester United was ready to make a £65 million offer to the Portuguese superstar.

"I would bet Cristiano will retire at Real Madrid because it's the natural thing," said Perez. "We will negotiate the new contract before the start of La Liga and I am convinced that everything will come out well."

Perez has already stated that he will do whatever is necessary to keep his franchise star. "I will do everything in my power to renew the contract. He has two years left on his contract, he is the best in the world and we would like to give a boost to the team with him as a leader and an emblem," said Perez in another recent interview. "I would not sell him for 1,000 million euros (1 billion Euros). We are not a selling club."

The news comes a day after AS Monaco was rumored as a potential competitor for Ronaldo's services. UK publication The Independent reported, "Monaco are ready to make a world record €100m (£85m) bid for Real Madrid's Cristiano Ronaldo. Monaco will offer Ronaldo an annual salary of €20m, which would equate to nearly £330,000 per week. The principality of Monaco does not charge its residents income tax and so Ronaldo would become the highest-paid footballer in the world."