Graphic: Two's a crowd - where Robinho fits in

Not happy with signing Robinho for a British record fee of £34.2 million, Manchester City's prospective new owners are weighing up a staggering £135 million offer for Cristiano Ronaldo in January as the club attempt to topple the established elite of European football.

Having lived in the shadow of Manchester United for so long, City could be about to test the resolve of their fierce rivals with an offer that would obliterate the world transfer record and send shock waves through the sport and beyond.

Moves for Fernando Torres, the Liverpool striker, and Cesc Fàbregas, the Arsenal midfield player, could also be in the pipeline as City prepare to undergo a transformation that could overshadow even that experienced by Chelsea after Roman Abramovich's arrival at Stamford Bridge in 2003. A transfer pot of at least £250 million has been earmarked for Mark Hughes, the City manager, to spend over the next three transfer windows, with a minimum of 18 players wanted.

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The extraordinary revelations come as the ruling al-Nahyan family of Abu Dhabi moves closer to completing a £200 million buyout of City from Thaksin Shinawatra.

United resisted an offer in excess of £45 million from Real Madrid for Ronaldo this summer, but rejecting a bid worth three times that amount is a different proposition, even if it does come from neighbours who, until 48 hours ago, registered as little more than a dot on the Barclays Premier League champions' landscape.

To put it into context, £135 million is more than twice United's operating profits for the 2006-07 season, more than double the amount that Randy Lerner paid for Aston Villa two years ago and almost three times the world record transfer fee of £47.5 million that Juventus received from Real for Zinédine Zidane in 2001.

Whether such a mammoth offer materialises remains to be seen, but having outbid Chelsea for Robinho, the Brazil forward, late on Monday, Dr Sulaiman al-Fahim, the prominent Middle East businessman who is serving as the front man for the al-Nahyan family, believes that City must pursue players of the calibre of Ronaldo if they are serious about overhauling Real and United as the pre-eminent force in European football.

“Ronaldo has said he wants to play for the biggest club in the world, so we will see in January if he is serious,” al-Fahim said. “Real Madrid were estimating his value at $160 million [about £90 million], but for a player like that, to actually get him, will cost a lot more - I would think $240 million. But why not? We are going to be the biggest club in the world, bigger than both Real Madrid and Manchester United.”

Al-Fahim is expected to announce his “dream team” in an interview to be published in Arabian Business magazine on Sunday. As well as Ronaldo, Torres and Fàbregas, the list of players is understood to feature Ronaldinho, the Brazil forward whom City tried to sign this summer before he moved to AC Milan from Barcelona. Al-Fahim told The Times yesterday that City could try again to sign Ronaldinho, but he insisted that Hughes would decide which players are brought to the club and that money would not be spent recklessly. Al-Fahim hopes to meet Hughes this week.

“Hopefully, we can bring Ronaldinho to Manchester City,” al-Fahim said. “We will support the club in any way we can, which means bringing in the best players in the world. Obviously we will have to speak to Mark to discuss which players he wants. He must have his say.”

Robinho, who will wear the No10 shirt, met Hughes in London yesterday before flying to Brazil to join the national squad before their World Cup qualifying matches away to Chile on Saturday and at home to Bolivia three days later. He will make his debut at the City of Manchester Stadium a week on Saturday against Chelsea, the club who pursued him all summer, only to be trumped by City after refusing to increase their £29 million bid.

Robinho's arrival, and the impending takeover by the al-Nahyan family, prompted a rush for tickets among supporters yesterday. Having sold fewer than ten season tickets on Monday, City sold 340 yesterday afternoon.

“I liked the plans that Manchester City have and I want to succeed with them,” Robinho, who will earn £95,000 a week after tax, said. “I met with the manager and it went very well. I know that he was a great player and I think that will be a big help to me.”

City Dream Team?

Gianluigi Buffon Italy's World Cup-winning goalkeeper who plays for Juventus

Daniel Alves Brazil right back, signed by Barcelona for £24 million from Seville this summer

Rio Ferdinand Manchester United and England centre back and the “best defender in the world”, according to Sir Alex Ferguson

Fabio Cannavaro Real Madrid defender and 2006 Fifa World Player of the Year

Philipp Lahm Bayern Munich and Germany left back

Cristiano Ronaldo United forward and arguably the best player on the planet

Steven Gerrard Liverpool's captain and inspiration

Cesc Fàbregas Dynamic Arsenal and Spain midfield player

Ronaldinho Two-times Fifa World Player of the Year now at AC Milan

Kaká Milan's Fifa World Player of the Year

Fernando Torres Liverpool striker who won Euro 2008 with Spain