Ronaldo is reportedly unhappy at Real Madrid, with the club's decision to sell both Angel Di Maria and Xabi Alonso rumoured to be behind the Portugal captain's frustrations.
United, where the Portuguese star spent six years, have long been touted as Ronaldo's next location should he leave the Spanish capital and rumours have once again surfaced of a return to the Premier League.
Doubts surrounded United's ability to attract world-class players to Old Trafford after they failed to qualify for the UEFA Champions League, but they spent over £150 million in transfer fees to sign the likes of Di Maria and Colombia star Radamel Falcao.
And former United defender Neville said the Manchester club are now in a position to accommodate fan-favourite Ronaldo.
"There was talk last summer that it was either going to be Cristiano Ronaldo or Gareth Bale and there are rumours of Cristiano not being happy in Madrid," the 39-year-old said on Sky Sports' 'Monday Night Football'.
"Obviously last year they won the Champions League, so has he achieved what he wanted to achieve in Madrid? Has he done what he set out to do? That's question one.
"Does he love Manchester? Does he love United? Yes, absolutely. He has talked more and more in the last 12 to 18 months about how he misses Old Trafford."
Neville, who won eight Premier League titles with United, added: "The reception he got there and the way the fans reacted towards him, I've not seen that for many players. Eric Cantona and him were incredible reactions from the fans every single week.
"It was almost like an incredible belief in the stadium every time he played.
"You'd have to say that with what they've done with Di Maria and Falcao it's more possible, it has to be, because they've shown the real intent to go and sign world-class players.
"We sat here three or four months ago deliberating over whether Manchester United could attract world-class talent. They've absolutely smashed that question out of the water and if they get him."
