The Daily Mail says Ronaldo has only two years left on his contract at the Bernabeu after this season and is considering leaving Spain, with both French club PSG and his former club Manchester United both interested.
However the 28-year-old has been told by his friend and advisor Jorge Mendes that he would be best served staying at the Bernabeu for another year and then taking his pick of clubs across Europe.
Much will depend on whether coach Jose Mourinho stays at Real beyond this season. Mourinho is also a target for PSG, though he is known to prefer a move to replace Sir Alex Ferguson at Old Trafford in the long term.
Will Ronaldo listen to Mendes? Will Real allow him to rundown his contract? Give us your shout below...