Manchester United are reportedly preparing a bid for the Mexican winger.
According to Spanish football journalist Guillem Balague, the Red Devils were offered Ronaldo by Real Madrid but declined the opportunity.
While the signing of Lozano may look disappointing in the fallout of the Ronaldo transfer, it could represent the club acting with their head rather than their heart.
Bringing Ronaldo, who at the age of 33 remains one of the best players in the world, back to Old Trafford could've been a fairytale story and might've given United the boost they needed to topple Manchester City and return to the top of English football.
But the signing would never have been a longterm fix and may have hampered the team's development moving forward.
In bringing Lozano, a 22-year-old coming off a 19 goal and 11 assist season in the Netherlands, United would be both filling a current need, the lack of right-wing options, and looking to the future.
Additionally, the Mirror report has the fee for Lozano as £35.4m, which leaves space in the budget for United to address some of their other issues, most notably at centreback.