Meanwhile, England legend Stuart Pearce believes the Red Devils have to move on the 37-year-old in January following his recent fall-out with Erik ten Hag.
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After refusing to come off the bench in last week's 2-0 win over Tottenham, Ronaldo headed down the tunnel before the full-time whistle.
Leaked footage appears to show the moment the Portugal international decided against coming on as he was seen wagging his finger at Ten Hag on the bench.
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His early exit led to the five-time Ballon d'Or winner being dropped by United for Saturday's 1-1 away draw at Chelsea.
He arrived at United's Carrington training ground on Tuesday ahead of showdown talks with Ten Hag over his possible return to action.
The former Real Madrid forward could be recalled to the team for the club's Europa League clash against Sheriff on Thursday.
Ten Hag has insisted he expects Ronaldo to remain a United player until the end of the season.
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But talkSPORT's Jordan believes that United should terminate his contract.
Speaking on the White and Jordan Show, he said: "I would absolutely - in terms of being serious - I would consider ripping up his contract if it continued in the same vein.
"Because they paid what, £15million/£16m for him, right? So he's two years into a contract, that's left on their balance sheet about £4m/£5m, it's a non-decision.
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"If he wants to go and the problems are still there, and it's not a circle that you could square, what's the aggregation value?
"Some would say the share price might depreciate, I don't think so. Some might say they might lose shirt sales, I'm not sure.
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"I think the bottom line is, is that if it were the same problems that we're encountering now as we're led to believe, it's an exercise in futility.
"What's the point? If your team is doing OK, United are in ascendency and the situation between Ronaldo and the club and the manager continues, it's an exercise in futility as I have just said.
"For £5m worth of capital value on your balance sheet when you're turning over £500m and the aggregation value of your manager probably supersedes £5m, what would be the point?"
He added: "It's not a long-term play, he's going to go at the end of the season.
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"So what would be the point of holding him for another four months so we can listen to ever-increasing newspaper headlines about the uproar at Manchester United.
"I would absolutely rip up what's left of his contract, because it's not worth anything! You're not going to sell him for anything are you?"
Pearce is also of the opinion that United and Ronaldo should part ways, as he insisted the player should have been allowed to leave during the summer.
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He said on talkSPORT: "When I was asked the question in the summer about would Ronaldo have a future at Manchester United beyond this summer, I said I thought a new manager coming in, a senior pro like Ronaldo, I thought it would be best for both parties to split.
"I thought Ronaldo needed to go somewhere where he's guaranteed to start.
"What I admire him for is he wants to play all the games and it hurts him to be sat on the bench, albeit his age, he's an ultimate professional in that respect.
"But obviously he's not getting enough game time and the frustration for both… I think we all know now the best path for both would be separation in January.
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"It's probably come six months too late I think."
Napoli have been linked with a move for the former Juventus marksman, though Ally McCoist cannot understand why they would be keen.