This story has been superceded by today's news which you can read here: Renato Sanches: Bayern Munich sign Man Utd and Barça target 

Real Madrid have lost the race to sign exciting 18 year-old talent Renato to Manchester United according to in-the-know Portuguese sports daily Record. United are frontrunners to bring the budding star to the north of England, with the newspaper reporting a 'gentleman's agreement' between United and Benfica for the central-midfielder. The amount of the transfer has not yet been revealed, but Benfica president Luis Filipe Vieira wants United to raise their €40 million up-front offer and lower the €20 million in variables. The club is angling for a record-breaking Portuguese transfer deal.

 Real Madrid had Renato as a summer target, and Bayern Munich and Juventus were also keeping close tabs on the midfield dynamo's progress, spurring Benfica to raise the player's buy-out clause to a level that makes him the most valuable player in Portugal, from €30M to €45M, and also extending his contract until 2021. When the club got win of the interest from Real Madrid, that figure went up to €80 million.

Not bad business for a teenager who joined the club at 9 years of age for €750, but is he "the next Pogba" as some have nicknamed him; or United's next Bebé?