Football fans are expecting to see his decision materialize and some clubs are willing to welcome the world best player into their open arms.
But for Real Madrid captain Sergio Ramos, he is "very calm" about rumours linking Ronaldo with a move away from the Spanish capital.
"In that sense I am very calm," Ramos told Spanish newspaper Marca on Sunday when queried about the Portuguese superstar's future.
Ronaldo has dominated headlines over the close season with Spanish and Portuguese media suggesting that the four-time Ballon d'Or winner wants to leave the European champions.
The 32-year-old was said to be "upset" as Spanish prosecutors accused him of $16.76 million (14.6 million euros) tax fraud.
Ronaldo is due to testify in court on July 31.
"They are great players and hopefully they will be with us for years to come," said Ramos, referring to Ronaldo and Alvaro Morata, the Madrid striker, who have reportedly become targets for English giants Manchester United and Chelsea.
Ronaldo has remained tight-lipped about a possible exit from the Spanish and European champions, but Real Madrid president Florentino Perez has gone on a charm offensive to defend his star striker, saying that Ronaldo doesn't want to leave the club.
Spanish newspaper AS published a cover story on Sunday of Ronaldo holidaying in Ibiza, claiming that the player "has decided to remain at Real Madrid" and that the club "want to make the Portuguese the cornerstone of their project next season."
Last season Real Madrid won a record 33rd La Liga title and became the first team to retain the Champions League, but Ramos and Madrid want more silverware next season."We have made history, but our intention and goal is to make more history for this club," said Ramos.