The 49-year-old also claims that Ronaldo is the "greatest striker" in the history of the Spanish club.
"Cristiano is a phenomenon," he told AS. "I would have liked to play alongside Cristiano.
"I know I would have enjoyed it a lot. His style of play is unique, it's admirable to say the least. He is the greatest striker to wear the shirt of Madrid.
"He is a player who wants to be every day better than the last. He's ambitious, with a huge scoring ability and a very big influence in the dressing room."
Butragueno played for Madrid between 1984 and 1995, winning La Liga six times.