While Ronaldo has stoked up the possibility of moving to the Spanish champion, no transfer request has been submitted and United has vowed to retain the player who scored 42 goals last season.

"Theoretically there is still time as there are two months before the end of August if Manchester United gets in touch with Real Madrid and makes an offer," Calderon told reporters Sunday before watching Rafael Nadal in the Wimbledon final against Roger Federer. "But we don't know if it would be feasible once a sale is proposed."

Calderon is ready to begin transfer talks if United consents, but he is prepared for Ronaldo remaining with the defending English and European champion.

"It depends on what Manchester wants. Once Manchester decides whom it wants to sell and communicates with us in a concrete manner and makes a petition, we will be able to say we have been in talks of a transfer," Calderon said. "But at this point in time that is not happening and, as a result, it is a situation likely to end as it is now, that is in nothing, and Cristiano Ronaldo will continue to play at Manchester next year.

"At this moment it is the most probable outcome."

Calderon risked enraging United by repeating to reporters the comments that sparked last month's complaint to FIFA about Madrid's conduct.

"(Ronaldo) has said - although he hasn't talked any more about this - that he would like, that it was a dream, that he would be delighted to come and play for Real Madrid," Calderon said. "But it's the player's opinion, or the player's desire, but it cannot go forward without the agreement of Manchester."

Ronaldo is likely to miss the start of the season after surgery on his right ankle.

United's owning Glazer family is determined not to let Ronaldo leave with just under four years remaining on his Old Trafford contract.

"Their position is to not sell ... we can't do anything," Calderon said.

It is likely that Zinedine Zidane's world record US$65 million (now 41.6 million) move to Madrid from Juventus in 2001 would have to be beaten if Ronaldo moved to the Santiago Bernabeu Stadium.

"We have not got to the point of talking amounts because Manchester has not given us an opportunity to talk about money," Calderon said.