There are alternatives for Los Blancos to consider, though.
The wide array of talents the Portuguese attacker possesses sets him apart from his teammates and many of his peers.
A Ronaldo departure is unlikely, but a quality attacking addition would still be welcome at the Bernabeu.
Madrid will undoubtedly continue to be linked to the top names in world football, with a big-name transfer a formality for the club.
They missed out on Neymar but won't give up until that marquee signing.
The players on this list all provide a massive attacking threat for their current sides and would definitely do the same for Madrid.
Here are six alternatives for Madrid if Cristiano Ronaldo leaves.
*Unless otherwise stated, all statistics courtesy of ESPN FC.
Suarez's annoyance with the English media has played a major part in his preference for a move.
The Uruguayan attacker had his best season in England, statistically speaking, despite his troubles on and off the field.
A move to Spain would likely work well for both parties.
Madrid would gain another superstar capable of replacing Cristiano Ronaldo, or working well with him.
The benefit for Suarez would be the change in environment and a culture that would be easier for him to get used to.
Gareth Bale is one of the obvious choices for a list like this.
According to Goal.com, Real Madrid president Florentino Perez has stated that the club is preparing a big move for Gareth Bale once a new coach is appointed.
Bale's mixture of power and pace, as well as the ability to drive his team forward, makes him a great candidate to replace Ronaldo.
His goalscoring would have to increase, but he's steadily improved in that department during the last few seasons.
Edinson Cavani is hot property in world football.
Dominic Fifield of the Guardian recently linked Real Madrid with a move for the Uruguayan attacker.
Cavani has rattled off his third consecutive 30-goal season for Napoli and would add clinical finishing and a fantastic work rate to the Madrid squad.
Bleacher Report's own tactical analyst, Sam Tighe, explains why Cavani would be a perfect fit for Madrid.
The revelation from Sky Sports that Robert Lewandowski's move to Bayern Munich is in trouble is good news for Real Madrid.
Madrid were linked, via the Telegraph, with a move for the Polish striker back in May.
Lewandowski would bring similar characteristics to Edinson Cavani, while providing Karim Benzema with plenty of competition for a starting spot.
The Borussia Dortmund striker scored 35 goals in 48 games during the 2012/13 season.
Malaga attacking midfielder Isco has been linked with a move to Real Madrid, according to the Mirror.
Unlike the other options on this list, Isco provides much more creativity and less of a goal threat.
Still, the Spanish youngster is only 21, and he provided 12 goals and four assists for his side this season.
He showcased maturity during his debut Champions League season and is currently starring for Spain in the current UEFA European U-21 Championship.
Manchester City's hiring of Isco's former boss, Manuel Pellegrini, may put them in the driver's seat, but Madrid will be a tempting option for the youngster.
While Hernandez may not be the blockbuster signing like some of the others mentioned on this list, he would still be quite the capture.
Should he sign, Hernandez would have the chance to replicate former Mexican great Hugo Sanchez.
"Chicharito" has had plenty of competition for a forward position at United and may welcome the possibility of more regular playing time at Madrid.
Despite making most of his appearances from the bench, he still managed 18 goals from 36 games during the 2012/13 season.