The Portuguese star, who quit Old Trafford to join Real Madrid in a world record £80million deal in summer 2009, has been heavily linked with a return to Old Trafford when the transfer window reopens for business.
Ferguson previously dampened the speculation by insisting it was giving United fans 'false hope' while the player's agent Jorge Mendes recently advised him to stay put in the Spanish capital for at least one more season.
But a fresh report in Spanish paper Marca is claiming that United's outgoing chief executive David Gill has been holding talks with Mendes over a possible deal.
It is also suggesting that with Jose Mourinho also set to leave Madrid to return to England with Chelsea, Ronaldo could be offloaded along with a host of other players to free up a huge transfer kitty for the new coach arriving at the Bernabeu.
Paris Saint-Germain have been linked with Ronaldo but it seems United are confident of taking him back to Old Trafford in a potential cash-plus-player deal.
Wayne Rooney has expressed a desire to leave the club but United are desperate to keep him and it is thought that Javier Hernandez could be the man offered to Madrid in part-exchange for Ronaldo.
The main obstacle to a deal could be Ferguson's decision to call time on his managerial career as Ronaldo saw the Scot as a father figure and might not be willing to return to the club to work under likely replacement David Moyes.