There remains speculation surrounding the 36-year-old's future, though, and it has been claimed that he could seek pastures new in the upcoming market, potentially returning to Manchester United or Real Madrid.
Man United are in desperate need of a new centre-forward due to Anthony Martial's struggles, while Edinson Cavani's future at Old Trafford is in doubt during a period where the Uruguay international is picking up a lot of injuries.
Ronaldo has scored 30 times in 34 appearances for Andrea Pirlo's side this season, while he has managed 95 goals in 123 outings in total for the Italian champions since his arrival.
The Portugal international also enjoyed a hugely successful spell with Man United, and here Sports Mole looks at how the Red Devils could line up next season if the attacker returns to the club.
Man United are thought to want a new centre-back during this summer's transfer window, while a new midfielder would be required if Paul Pogba was to move on, potentially heading back to Juventus.
Ronaldo's transfer fee this summer could be as little as £25m, but it would still be an incredibly expensive deal for the Red Devils considering the Portuguese's substantial wages.
The forward's overall performance level has been called into question this season, but he continues to find the back of the net on a regular basis, and there is no reason to believe that he would not thrive back in the Premier League playing alongside international teammate Bruno Fernandes.
Ronaldo would of course need legs around him, with Marcus Rashford and Mason Greenwood both hugely important players for the Red Devils moving forward, while head coach Ole Gunnar Solskjaer could decide to select one holding midfielder alongside Pogba next season, keeping his 4-2-3-1 formation intact.
The former Sporting Lisbon youngster scored 118 goals and registered 69 assists in his 292 appearances for Man United between 2003 and 2009, winning three Premier League titles, one FA Cup and one Champions League before making the move to Real Madrid.
There is a feeling that Ronaldo could still play at the highest level into his 40s, and Man United would surely be interested in signing the attacker if he became available this summer.
The Portuguese is no longer a player capable of flying down the field at every opportunity, but he has not forgotten how to find the back of the net, and Solskjaer's team are certainly lacking that cutting edge in the final third, with Martial struggling and Cavani potentially moving on later this year.