The 32-year-old has scored 406 goals in 394 appearances since joining Madrid from Manchester United in 2009.
The attacker's 42 goals during the 2016-17 campaign helped the Spanish side land their second successive Champions League crown and wrestle the La Liga title away from Barcelona.
Ronaldo has been accused of defrauding the Spanish tax office of almost £13m over four counts of tax fraud relating to image rights, however, and despite being backed by Real Madrid, the attacker wants out of the Bernabeu this summer, according to A Bola.
The report suggests that the behaviour of the Real Madrid supporters, who whistled and jeered Ronaldo last season, has also played a big role in the Portugal captain deciding that he wants to move on ahead of the 2017-18 campaign.
Last week, it was claimed that Real Madrid were preparing to receive a world-record bid of £175m for Ronaldo, with Paris Saint-Germain, Manchester United and a host of Chinese Super League clubs in the hunt.