The multi-million pair found themselves chatting in the car park of the club's training ground, and, handily, the Real official television station was there to film the moment.
Manchester United defender Phil Jones has been left seething by comments from former England U21 coach Stuart Pearce, while Carlos Roberto has issued a warning to Chelsea over the arrival of Samuel Eto'o.
But who else is making the headlines on Thursday? Read on to find out more.
The meeting between the biggest signings in world football took place in the car park of the Real Madrid training ground, as Darren Lewis of the Daily Mirror reported.
The Wales international joined his new teammates for the first time on Wednesday in preparation for the La Liga clash at Villarreal on Saturday night.
But it was the meeting with Ronaldo which captured the headlines as a combined total of £166 million talent greeted each other. Luckily for everyone concerned, the official Real Madrid media team were there as well at the exact same time to capture the moment for posterity (via Youtube).
Bale could make his debut for Real as an emergency leftback, reports Lewis, with Marcelo still recovering from a thigh injury he picked up while playing for Brazil against Australia this week.
England manager Hodgson has hit back at criticism from Lineker over the performance in the 0-0 draw in Ukraine, reports Henry Winter of the Daily Telegraph among others on Thursday.
The former striker, who is England's second-highest goalscorer and played in the 1990 World Cup semifinal, highlighted the inaccurate passing of the national team in Kiev, as Martin Lipton of the Daily Mirror reported.
However, during the match itself, the former Everton and Barcelona forward used his official Twitter feed (@GaryLineker) to call the display "awful" and questioned the decision to leave Michael Carrick on the bench, says Lipton.
The former striker has now deleted some of his comments, claim reports, but Hodgson was left unimpressed by Lineker's comments, despite the 'Match of the Day' presenter back-tracking on his criticism on Wednesday.
I’m surprised anyone who has played for England, captained England and played in games of this nature can be that critical.
This is the second time he’s done it. My disappointment would be that I saw Gary Lineker play, I remember him captaining the team and playing some great games for England.
But I’m pretty sure he played in some games when it wasn’t that easy and I don’t think every game he played for England was a total success.
Lipton also reports that England's 0-0 draw in Kiev could effect their seeding hopes if they qualify for the 2014 World Cup finals.
Manchester United defender Jones is seeking an apology from former England U21 coach Pearce over his critical comments about the ex-Blackburn man and other players, who chose not to play for the younger version of the national side, report Mark Ogden and John Percy of the Daily Telegraph.
Pearce, who was sacked by the Football Association after his team lost all three matches in the U21 European Championships this summer, claimed Jones and Arsenal winger Alex Oxlade-Chamberlain were not interested in the younger team after representing the senior side, reported John Percy of the Daily Telegraph this week.
But the report understands that Jones has now contacted the FA and asked for a written apology from Pearce for his comments.
Former Brazil international Roberto Carlos has warned Chelsea that they have signed a potential troublemaker in the form of striker Eto'o, reports Neil McLeman of the Daily Mirror.
However, Carlos, who coached the Cameroon international at Anzhi Makhachkala, was less than impressed with his attitude, according to the report.
He’s a good person and I’ve always liked him, but he always thinks of himself, not the group.
It’s quite confusing and odd when a footballer, instead of playing, is interested in bringing in players who are his friends. He did everything at Anzhi, except play football.
There were a few small problems in the dressing room with the arrival of Eto’o, which were resolved. His signing had to be explained to several players.
Then there came a point when Samuel wanted to interfere in my work. He wanted to control the club, taking my place and that of the coach, Guus Hiddink.
The Football Association of Ireland want to approach former Celtic and Sunderland manager Martin O'Neill to replace Giovanni Trapattoni as national manager, according to Mark Ogden of the Daily Telegraph.
Liverpool striker Daniel Sturridge could spark a club-versus-country row as he prepares to return to action for the Reds after withdrawing from England's World Cup qualifiers with a thigh injury, reports Dave Lyons of the Daily Star.