London, Apr 12 : Ace Portuguese striker Cristiano Ronaldo is all set to sign a new 40 million pound deal with Manchester United.

Ronaldo will become the highest-paid player in England earning 150,000 pounds a week. The Mancheter United striker will sign the five-year deal before Euro 2008.

Ronaldo's current contract had four years to run, but Manchester United want to stave off Real Madrid.

"This will be the biggest contract in the club's history. Given Ronaldo's achievements over the past two years, it's easy to understand why," The Sun quoted a United source, as saying.

"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," the source added.

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

Real Madrid was 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 Ronaldo's agent Jorge Mendes to reiterate the club's desire to capture the superstar.

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

Ronaldo's new deal will overtake the earnings of team-mate Wayne Rooney who gets 112,000 pounds a week.

ANI