According to Colin Mafham of the Express, Blues owner Roman Abramovich might consider allowing Eden Hazard to join the UEFA Champions League holders in a sensational swap deal. Ronaldo wishes to leave Spain after being accused of potential tax fraud, and this could trigger Hazard's arrival in the Spanish capital.
Chelsea would contest Ronaldo's signature with Manchester United, with a fee in excess of £150 million touted, per Mafham.
According to Sky Sports News (h/t James Cambridge of the Express), former Real president Ramon Calderon has "cast a major doubt" over the player's return to Old Trafford after questioning Ronaldo's relationship with United manager Jose Mourinho.
"What I know is their relationship here wasn't the best but it was a long time ago," said Calderon. "Maybe if everything is in a different position they can get along well."
The iconic player scored 25 goals in 29 La Liga appearances last term, according to WhoScored.com, as his club were crowned Spanish champions, as well as UEFA Champions League winners.
In other Real news, burgeoning attacker Asensio is ready to leave the club if they sign anyone who will reduce his first-team action next term.
Asensio scored in the Champions League final as his side defeated Juve 4-1 on their way to glory.
The Spaniard is on the cusp of a breakthrough at Madrid, but new signings could see him planted on the bench.
If Ronaldo leaves Spain, it is vital Real hold on to the talents of Asensio as they attempt to maintain their goal count without their greatest player.
The impact of Ronaldo's departure would be huge in the Spanish game and would force Real to spend a fortune in the summer transfer market.