Ronaldo has been pushing Perez to upgrade his current deal for much of the year - despite penning new terms only in November 2016.
The Portugal international has insisted he deserves the hike after winning back-to-back Ballon d'Ors, but his demands have fallen on deaf ears.
Indeed, Diario Gol says Perez is now on the brink of telling Ronaldo he can leave.
The attacker's current deal carries a €1bn buyout clause, but Perez has told Ronaldo's agent Jorge Mendes he would be willing to allow the 32 year-old to leave for €200m.
The president is calling Ronaldo's bluff, convinced Mendes has no offers on the table. Indeed, he's of the belief there is no club in Europe willing to pay even €100m to buy the veteran attacker.