Rio Ferdinand set to sign £31.2m five-year deal to stay at Manchester United

Manchester United are prepared to make Rio Ferdinand one of the country's highest-paid players, offering a worth £120,000 a week.

The new five-year contract will place the England captain alongside Cristiano Ronaldo as the club's highest wage-earner.

Scroll down to read more:

The former West Ham defender has agreed in principle with the the terms of the package worth £31.2million, which will keep him at Old Trafford for the rest of his top-flight career.

With one year remaining on his existing contract, United were keen to tie Ferdinand down as quickly as possible.

Talks have been ongoing between United and Ferdinand's representatives for several weeks, and an official announcement from both parties is expected later this week, according to The Sun.