A report in Portuguese newspaper A Bola suggested the four-time Ballon d'Or winner no longer wants to play in LaLiga amid scrutiny over his tax affairs.
Ronaldo's representatives have strongly denied an accusation that the forward concealed earnings and defrauded the Spanish authorities out of $21.6million.
However, the ongoing attention on his finances have - according to sources A Bola claim are close to the player - made Ronaldo consider his future in Spain, alerting a host of potential suitors across the globe.
But where could he go? Here, we look at five potential destinations for the Portugal superstar.
Ronaldo became the world's most expensive footballer when he swapped Old Trafford for Madrid in 2009, having rocketed to international superstardom under Alex Ferguson.
The forward has previously suggested he would welcome a return to a club where he felt truly loved and he has previously worked with current United boss Jose Mourinho in Madrid - could 'The Special One' entice Ronaldo back to England?
One thing is for certain, United are not afraid to spend big to bring back former players - just look at Paul Pogba, who is now the game's costliest performer - and the move seems to have the approval of Ronaldo's old colleague, Rio Ferdinand...
The Ligue 1 outfit undoubtedly have the funds to afford Ronaldo, and their 2016/2017 season lacked stardust after Zlatan Ibrahimovic left for Manchester United, before Monaco beat them to the Ligue 1 title.
Lionel Messi has been linked as a fanciful target for PSG's ambitious owners, but Ronaldo could fit the bill nicely.
Another manager Ronaldo flourished under in Madrid was Carlo Ancelotti and a reunion with him could also be a possibility at Bayern Munich.
The Bundesliga champions have shown they have the money to make big signings with the recent acquisition of Corentin Tolisso from Lyon and their chase of Alexis Sanchez suggests attacking reinforcements are a high priority at the Allianz Arena.
The path from Real Madrid to MLS is one that David Beckham has already taken, so what's to stop Ronaldo doing the same? Just like Goldenballs, Ronaldo could open himself up to a whole new audience and become even more of a global star on and off the pitch.
At 32, though, Ronaldo may feel he has much more to offer at the highest level before making such a move.
Chinese Super League clubs have been paying huge sums of money to acquire players from across the globe in recent years and the opportunity to add Ronaldo to that list would be too good to turn down.
The likes of Carlos Tevez, Oscar and Alex Teixeira have made the move east and Chelsea's Diego Costa has also been heavily linked. But the foreign-player rules that might scupper Costa's deal could also end any hope of signing Ronaldo.