The Portuguese superstar mutually agreed to terminate his contract with United following his bombshell interview with Piers Morgan.
The 38-year-old then agreed a £175million-a-year contract until 2025 with the Saudi Arabian giants.
However it now seems Real Madrid are willing to offer Ronaldo a non-playing role as an ambassador, according to El Nacional.
The Spanish outlet said: ‘Florentino Perez has guaranteed that [Ronaldo] will not lack work at the Santiago Bernabeu.
‘But, obviously, he wouldn’t do it to be a player, because he considers that it is a cycle that should be considered closed.’
Ronaldo’s partner Georgina Rodriguez is also said to be yearning for a return to the Spanish capital where the couple met.
Ronaldo is a club legend at Real Madrid, having scored 451 goals in 438 appearances during his time at the Bernabeu.