The Frenchman's contract with Los Blancos is set to expire in 2022, and he has been linked with a move away from the club in recent months.
According to The Manchester Evening News, Raphael Varane's value would be 'comfortably south' of £100 million, given that he has less than two years left on his deal with Real Madrid. The report also claims that Manchester United are in pole position to sign the centre-back.
Raphael Varane joined Real Madrid from Lens in the summer of 2011. He developed into one of the best defenders of his generation during his time in the Spanish capital.
The 27-year-old has played an integral role in the club, winning four Champions League trophies, three La Liga titles, four Fifa Club World Cups and a Copa Del Rey during his ten years with Real Madrid.
Raphael Varane continues to be a key member of Zinedine Zidane's squad but Mundo Deportivo claims that the World Cup winner is considering not renewing his contract with Real Madrid.
Manchester United are said to be closely monitoring the defender's contract situation with Real Madrid. He is said to be at the top of Ole Gunnar Solskjaer's wishlist for the summer as the Norwegian looks to sign a top-quality defender to partner Harry Maguire at the heart of Manchester United's defence.
Real Madrid will not risk losing Raphael Varane and Sergio Ramos in the same summer
Real Madrid are currently going through a transition phase under Zinedine Zidane. Despite winning the La Liga title last year, Los Blancos have been largely inconsistent this season and have been unable to find a winning formula.
They have also parted ways with a number of stars who did not have a future at the club in the eyes of Zinedine Zidane. Real Madrid will look to use the funds they made from sales to invest in new talent this summer.
It seems unlikely that Real Madrid will let go of Raphael Varane. Varane's defensive partner, Sergio Ramos, has also been linked with a move away from Madrid in recent months, with his contract set to expire at the end of the season.
Zinedine Zidane had previously shut down any speculation regarding Varane's future. Speaking in November last year, he said:
"He is part of this club, and we were very lucky to be able to bring him to Madrid. He's had a great career, he's achieved a lot since he's been here. Of course, he's non-transferable for the club, for the coach that I am, for people in general. That's clear and unambiguous. Now we can't stop people from talking. They're not just talking about Varane, but about all the players, Real Madrid ones and others. But for Varane my position is clear, and it's the same as the club's position."
Manchester United will continue to keep tabs on Raphael Varane. They are reportedly preparing to make a move for the Frenchman if he does not extend his deal with Real Madrid before the end of the season.