The Portugal attacker, who is presently at the World Cup, is a free agent.
He was released by Manchester United last month, with Marca in Spain reporting that he has chosen his next club.
The Spanish outlet, who have close ties to Ronaldo, claim that he will sign for Al-Nassr in Saudi Arabia from January 1st.
Ronaldo will seemingly put pen to paper on a lucrative contract worth £171 million a year.
Such a contract would make him the highest paid player on the planet by some margin.