The five-time Ballon d'Or winner, who picked up his most recent crown in December, has four goals in 14 La Liga outings for the defending champions this term.
Following a summer that saw their star player strongly linked with the Bernabeu exit, Madrid officials were said to be keen to offer Ronaldo a new-and-improved contract, despite his existing terms running until 2021.
Those talks have been put on hold for now, though, as Mundo Deportivo suggests that Los Blancos rejected the Portuguese forward's proposal of a £35m basic salary.
Ronaldo is said to be keen to bring his wages in line with those of Lionel Messi and Neymar, but the report claims that Madrid are in no rush to negotiate and are now more willing to offload the 32-year-old in the summer.
Former club Manchester United are seen as the only realistic destination for Ronaldo, who has had better luck in the Champions League this season thanks to nine goals in six appearances.