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Cristiano Ronaldo has received a formal proposal from Saudi Arabian club Al Nassr worth £173 million (S$284 million) a season until 2025, The Guardian reported.

The 37-year-old will effectively extend his career until the age of 40 if he moves to Saudi Arabia.

Other sources, such as ESPN, reported that the offer was lower at £100 million (S$164 million) a year for 3.5 years.

Sources also told ESPN that Al Nassr is willing to compensate Ronaldo for the wages he would have earned had he seen out the last six months of his contract at Manchester United, worth around £16 million (S$26.3 million).

If the S$284 million a season goes through, Ronaldo will become the highest-paid sportsman of all time.

Deal-making stage

Ronaldo reportedly asked his representatives to keep him out of negotiations over his future in club football while he is in Qatar for the World Cup, it was also reported.

The Portugal captain left Manchester United without a payoff and became a free agent after agreeing a "mutual" termination of his contract.

His departure from Old Trafford was announced on Nov. 22, after making serious allegations in an interview.

The forward had turned down a lucrative move to a Saudi Arabian club in the summer previously after telling Man United he wanted a transfer.

The salary offered by Al Nassr is several times larger than the approximately £26 million he was earning at United.

What big money for Ronaldo entails

A big part of the proposed money is being put up by sponsors, The Guardian reported, so it is unclear whether issues relating to image rights could get in the way if Ronaldo chooses to pursue the move.

Moreover, transfer guru Fabrizio Romano confirmed the offer, adding: “Big part is sponsor deals, so it’s not clear yet if image rights can be agreed. Nothing done/signed or decided.”

CBS Sports reported Al Nassr are hopeful of an agreement after speaking with a source.

The source added that the club said their interest is "stronger than ever" and that talks are believed to be relatively advanced after contact was initiated over the summer.

The club is awaiting Ronaldo's final decision at this point, the source added.

The Irish Independent reported that a move to the Middle East will entail Ronaldo having to promote Saudi football and bring the 2030 World Cup to the kingdom.

Top photos via Cristiano Ronaldo Facebook