According to Cadena Ser's El Larguero (h/t Football Espana), the Brazilian would become the club's president once the deal is done, with current boss Carlos Suarez remaining on the board of directors.
As reported by AS (h/t Football Espana), Ronaldo expressed his desire to invest in a club earlier this year: "I would like to buy a team in the second division of Spain or England. I want to do something innovative."
Valladolid have bounced between La Liga and the Spanish second division for the past decade and were promoted to the top level for the first time in four years this summer. The team have earned one point from their first two matches this season.
The Pucela have mostly made headlines for the sorry state of their pitch so far this season:
This wouldn't be Ronaldo's first foray into ownership, as he was previously involved with the Fort Lauderdale Strikers of the NASL. However, the team dissolved in 2016.
The now 41-year-old Ronaldo retired from the sport in 2011, playing his final matches as a professional for Corinthians. He's since been involved in several other business ventures, including sports marketing, where his 9ine agency represented UFC star Anderson Silva, per Sherdog's Gleidson Venga.
According to Goal's Stefan Coerts, he also co-owned A1 Team Brazil, a team from the short-lived A1 Grand Prix racing series.