The Portugal international is the subject of a bid from Paris Saint-Germain, according to The Sun newspaper, offering him another alternative to Manchester United and remaining at the Bernabeu Stadium next season.
According to the newspaper, however, United are refusing to give up their attempt to bring Ronaldo back and have spoken to the player's agent.
Ronaldo has a Champions League semifinal highest on his priority list at the moment, with Real looking to claw back a 4-1 deficit against the Bundesliga side.
He missed the weekend La Liga win over Atletico Madrid with a thigh injury before his teammates claimed a psychological edge for the Copa Del Rey Final with a 2-1 victory.
But the emotional lure of Old Trafford and Ferguson is a strong one for Ronaldo, who was given a rousing reception by United fans last month and refused to celebrate his winning goal against United in the Champions League last-16 tie.
With Ronaldo still not decided on a new deal with Real, the Spanish giants could be prepared to sell the player, despite his agent and adviser Jorge Mendes recommending the Portuguese forward should remain in Spain for another season (Daily Mail).
Ronaldo's future will also hinge on Real coach Jose Mourinho, who has also been strongly linked with a move away from the Bernabeu this summer.
With the future of so many high-profile managers up in the air at the moment, it is little wonder Ronaldo is holding back from any decision just yet.
However, the one constant in all of this appears to be Ferguson, the man Ronaldo refers to as his "father in sport" (Daily Mail). Is it time to return to the family home?