By Spain correspondent Miguel de Souza

Sergio Ramos’ new Real Madrid contract is worth £7million less than the deal he was offered by Manchester United, Football Insider sources understand.

Sergio Ramos has agreed the terms of a new five-year Real contract to end United’s chances of enticing him from the Bernabeu this summer.

The agreement will be announced imminently by the Spanish giants, who have handed Ramos the captaincy following the departure of Iker Casillas.

Football Insider has learned that Ramos’ new deal is worth £7million per year after tax, which is the UK equivalent of £14million per year or £270,000-per-week.

However, that lucrative package is trumped by the staggering contract the 29-year-old was offered by United.

The Premier League champions tried to tempt Sergio Ramos with £8.4million per year after tax, which, in the UK, where salaries are calculated before tax deductions, is equivalent to £15.25million per year or £293,000-per-week.

The net effect of Ramos’ decision to remain with Real is that he will lose out on £23,000-per-week, totalling £6.2million over the course of a five-year contract.