Real Madrid 'want £60million for centre-back Raphael Varane and Manchester United's opening offer of £40m is deemed insufficient' despite the World Cup winner having one year left on his Santiago Bernabeu contract

Real Madrid have slapped a £60million price tag on Raphael Varane and will dismiss Manchester United's opening offer of £40million, according to reports in Spain. 

The Frenchman has a little over a year remaining on his contract that ends in June 2022 but the LaLiga giants could be forced to cash in on the defender should progress slow down over an extension.

Reports this week suggested United are preparing an opening £40m offer for the 28-year-old, who has played 40 times for Zinedine Zidane's side this season.

Real Madrid want £60million for centre-back Raphael Varane, according to reports

But according to Spanish outlet Diario AS, Real value Varane £20million more than what United are prepared to offer, putting a spanner in the Red Devils' transfer plans. 

The report also claims Ole Gunnar Solskjaer has personally asked the club to bring in the French international defender, who has been capped 73 times by France and is expected to play a key role in Les Bleus' European Championships campaign. 

Sportsmail revealed back in April that United would pursue Varane this summer, with United chiefs hoping to drive down his £60m valuation.

United currently have captain Harry Maguire and Swedish defender Victor Lindelof as their first-choice centre-back options, with Eric Bailly, Axel Tuanzebe and Phil Jones also in the Old Trafford ranks. 

Ivorian defender Bailly signed a new contract at United until 2024 despite making just 11 Premier League appearances so far this season. 

Real Madrid, meanwhile, are in the middle of a financial crisis which means they may have to cash in on some players to raise funds for transfers. 

According to March, Madrid's loss of revenue streams - including matchday sales and broadcast money - have lead to huge losses, and the club is anticipating a loss of around £135m next season if games are played behind closed doors. 

Real are close to confirming a deal for Bayern Munich defender David Alaba on a free transfer, with the Austrian set to compete for places at centre-back with Eder Militao and Nacho when his five-year deal begins on July 1. 

This could pave the way for Varane to leave the club, who joined Real from Lens for a £8.5million fee in the summer of 2011,  

Since joining Real a decade ago, Varane has won three LaLiga titles, four Champions League trophies and four FIFA Club World Cups with the Spanish giants, who he has played 359 times for since his Los Blancos debut.