Ramos is currently on the sidelines with a knee injury but remains an important figure for Zinedine Zidane's side, featuring on 18 occasions in all competitions during the 2020-21 campaign.
According to Marca, Madrid are still holding talks with the Spain international over a new deal and are hopeful that he will decide to commit to the club in the coming weeks.
The report claims that Ramos is not prepared to accept the offer currently on the table, but Los Blancos will not meet his financial demands over a new three-year contract due to the financial impact of the coronavirus outbreak, meaning that there will have to be a compromise.
The La Liga champions are said to be hopeful of reaching a resolution before Ramos returns to the field, which is expected to be in the middle of April.
The centre-back has scored 100 goals in 668 appearances for Madrid since arriving from Sevilla in 2005.