MADRID • Sergio Ramos returned for Real Madrid last Saturday but the bigger question is whether he is back for good.

After two months out with a knee injury, the Spaniard played for an hour in Madrid's La Liga win over Elche, and is set to start against Atalanta in the second leg of the Champions League today.

His availability should be a clear boost for Real, who have a 1-0 lead from the first leg in Italy and will be confident of being Spanish football's first, and perhaps only, survivor in the quarter-finals.

It could be Ramos' last tournament in a white shirt as Real president Florentino Perez has reportedly offered him a two-year deal with a 10 per cent pay cut or a second option, the continuation of his current wages but for only one more year.

The soon-to-be 35-year-old wants two more years on the same wages, with the possibility to add a third and Paris Saint-Germain are said to be sniffing around.

"There is a lot of uncertainty," he said last week. "I'm only thinking about coming back from injury and to finish the season in the best possible way. There is nothing new about the renewal."

His pedigree is not in doubt given he is arguably one of the best defenders of the modern era, and while there have been lapses in recent years, his contribution is still considerable.

"I hope the Ramos thing will be fixed as soon as possible," coach Zinedine Zidane said last week.

But a parting this summer would offer immediate relief for a club now seeking financial recovery.

Real's revenue last season fell by almost €50 million (S$80.2 million), a figure that is expected to worsen again this season, when the absence of fans will have lasted an entire campaign.

Like in 2018 when Real sanctioned Cristiano Ronaldo's exit to Juventus, they are again facing a question of where the balance lies between retaining current stars and making space for new blood.

However, there are warnings against shuffling too soon - Luis Suarez has fired Atletico Madrid to the top of La Liga after being released by Barcelona last year - and Ramos has pointed to Ronaldo as an example of a split that benefited nobody.

Real will miss the injured quartet of Alvaro Odriozola, Dani Carvajal, Marcelo and Mariano Diaz, while Casemiro is suspended. Atalanta, who made their Champions League debut last season, cannot call upon Hans Hateboer, Bosko Sutalo and the banned Remo Freuler.

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