CRISTIANO RONALDO is set to sign a new £40million deal with Manchester United.

He will become the highest-paid player in England on a massive £150,000 a week.

The Portuguese winger, 23, will put pen to paper on the five-year deal before Euro 2008.

Ronaldos current contract had four years to run but United want to stave off Real Madrid.

A United source said: This will be the biggest contract in the clubs history. Given Ronaldos achievements over the past two years, its easy to understand why.

There is no doubt he is the best player in the world and we want to make sure he is happy at United. There is only one place for him and that is Old Trafford.

Boost for Alex Ferguson

Ronaldo, currently on £100,000 a week, is enjoying a sensational season. He has scored 37 goals for United in all competitions and is the hottest property in world football.

The news is a big boost for boss Alex Ferguson, whose troops face Arsenal in tomorrows title clash.

Real were plotting a massive bid for Ronaldo in the summer, while Barcelona and Inter Milan were also planning swoops.

Real technical director Pedja Mijatovic held a meeting with Ronaldos agent Jorge Mendes to reiterate the clubs desire to capture the superstar.

But Mendes made it clear to Madrid that Ronaldo is set to stay at Old Trafford.

Ronaldos new deal will dwarf that of team-mate Wayne Rooney on £112,000 a week.

He leapfrogs the Chelsea quartet of Michael Ballack and Andriy Shevchenko both on £130,000 a week and Frank Lampard and John Terry, who are on £120,000 a week.

But he has some way to go to match the biggest earners in world sport. Tiger Woods pulls in £50m a year, boxer Oscar de la Hoya earned £22m in 2007 and golfer Phil Mickelson was just behind on £21m.

David Beckhams pay at LA Galaxy is about £16m a year but he earns millions more in sponsorship deals.