Milan are sending vice-president Adriano Galliani and director general Ariedo Brada to Madrid to negotiate for Ronaldo.
The Rossoneri have confirmed that they are keen to take the Brazilian back to Italy and appear ready to make a bid for the player.
But it seems that money is not the main objective for Real in the negotiations. Their long-term target remains Kaká, and president Ramon Calderon is reportedly ready to suggest an exchange of the two players.
"I know Milan have already talked to the player and I don't think that is right, but we are still prepared to receive representatives from any friendly club," Calderon said.
"We don't want to get rid of Ronaldo, but we are prepared to negotiate.
"If Ronaldo wants to leave we'll have to look for a solution, we don't want money, we want something else.
"It would not be bad to change Ronaldo for Kaká."
Earlier in the summer Galliani declared 'war' on Real because of their continued push for Kaká. The club have insisted the playmaker is not for sale.
