The Portuguese arrived at the Bernabeu from United eight years ago but has struggled this season and has been linked with a sensational return to the Premier League.
Ronaldo worked under Mourinho for three years and could be set for a reunion as United desperately seek fresh blood to try and keep up with rivals Manchester City.
And while his former club would be interested if the player became available, Balague insists they may be put off by his price tag.
"Ronaldo's message is he wants to leave, and it appears Real Madrid will be willing to let him go,” he told Sky Sports.
However, Real would love to see a fight between PSG and Manchester United, but the situation is more complicated than simply being interested in the player.
"To add to a net annual salary demand of around £44m, Real would also demand around £89m for Ronaldo, which is an almighty expense for a player who would arrive aged 33.
"Here's United's conundrum: the club cannot show a lack of interest if it is confirmed that Ronaldo is on the market. But the huge amount of money his transfer would demand cannot be justified."
Ronaldo has scored 16 times for Real this season but only four of those have come in La Liga.
And while Balague is confident the 32-year-old will overcome his struggling form, he doesn’t think he’s the player he once was.
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