Spanish newspaper AS claim that this week will be key in deciding Sergio Ramos future at Real Madrid.
The Spain international, 29, has been heavily linked with a move to Manchester United and is believed to be interested in making the switch to Old Trafford and the Premier League.
But AS claim that Real Madrid president Florentino Perez told Ramos in China during Los Blancos' tour of the Far East that contract talks will begin towards the end of this week following Real Madrid's return from Munich where they will participate in the Audi Cup.
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The main obstacle between the two parties agreeing a new contract is Ramos' wage demands. It is believed he wants €10million-a-year whereas Madrid have failed to meet that and offered him €7m.
Furthermore, AS claim that Madrid president Perez promised the centre-back an improved contract ever since the Champions League final in 2014, in which Ramos scored as Real defeated neighbours Atletico 4-1 in Lisbon to finally land "La Decima".
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Although Real had no great hurry in extending Ramos' contract, which runs for another two years, speculation that he will move to Manchester United has prompted them to act and insist he will not leave the club. Ramos was told he "would not be sold under any circumstances" during the meeting in Guangzhou, China last week.
AS report that the Red Devils have offered Ramos a five-year contract, worth a staggering €55 million euros (£38 million).
Florentino Perez has already come under-fire this summer for allowing club legend Iker Casillas to leave the club and some Madrid fans have called for his resignation for allowing Sergio Ramos' future at the club to be under threat.
Perez had claimed he allowed Casillas to leave due to his desire to leave but when asked if that rule would apply to other players he said: "There are some players with contracts who want to go who will not be allowed to.”
Meanwhile another Spanish newspaper, Marca, have claimed that the future of Real Madrid target David de Gea will be sorted this week, with Manchester United boss Louis Van Gaal keen to sell De Gea as soon as possible. United had hoped a swap deal involving De Gea and Ramos could happen, although it remains to be seen if the latter does sign the new contract Real are offering.
Real Madrid play Tottenham Hotspur in the first semi-final of the Audi Cup on August 4 and could face either hosts Bayern Munich or Italian side AC Milan in the final on August 5.