The 33-year-old Portugal striker has played at the Bernabeu since 2009 when he moved from Manchester United for a then record-breaking £80million fee.
Ronaldo scored 44 goals in 44 games last season, also managing eight assists, and scored four goals for Portugal at the World Cup in Russia – including a hat-trick against Spain.
Here, we look at five possible replacements for Real following Ronaldo’s departure.
The French teenager is likely to be one of Madrid’s top targets. Mbappe joined Paris St Germain on loan from Monaco in August last year for £162million, which was paid when his move became permanent this summer.
The 19-year-old scored 33 goals in 48 games for the French champions last season and became the first teenager to score a brace in a World Cup game since Pele in 1958 when he netted twice in Les Bleus’ 4-3 win over Argentina in the last 16. His performances at the World Cup have drawn comparisons with Thierry Henry and Michael Owen.
The Belgium and Chelsea forward has impressed immensely at the World Cup, scoring two goals and providing two assists so far.
The 27-year-old might not be a direct replacement for the prolific Ronaldo, having scored 17 goals for the Blues last season, but he provided more assists than the Portuguese, with 13.
He has also been given the Belgian captaincy in a show of confidence from coach Roberto Martinez. Hazard could find the lure of Champions League football too great, with Chelsea missing out after finishing fifth last season.
The most expensive footballer in the world, who moved from Barcelona to PSG for a record £199.8million, could be a target for his ability on the pitch and his appeal off it.
Neymar, 26, scored 28 goals in 30 appearances in his first season in France and provided 16 assists. The Brazilian, who scored two goals for his country at this summer’s World Cup, was linked with Madrid in January but played down speculation, claiming he was happy at the French club.
Despite announcing he would stay at Atletico Madrid on a television documentary called ‘La Decision’, the French striker could yet be targeted by Real Madrid.
Griezmann, who has previously been linked with a move to Barcelona, scored 29 goals in 49 appearances for Atletico last season and also provided 15 assists.
The 27-year-old forward had scored three goals for France at Russia 2018 prior to the semi-final but two of those were from the penalty spot in a quiet tournament by his standards.
Lewandowski set a European record of 16 goals in a single World Cup qualifying campaign ahead of the tournament in Russia, and scored in nine out of Poland’s 10 games.
The 29-year-old is renowned for his goalscoring prowess and has won the Bundesliga golden boot three times since 2013. He has scored 30 goals in the league on two occasions since his arrival in Germany in 2010.
Lewandowski has played for Bayern Munich since 2014 after moving on a free transfer from rivals Borussia Dortmund and has scored 151 goals in 195 appearances over four seasons.
Cristiano Ronaldo has been heavily linked with a move to Serie A champions Juventus over the last few weeks.
And former Los Blancos star Michel Salgado has discussed the possibility of Real Madrid‘s main man heading towards the exit door.
Hear what he had to say as Ronaldo gets closer to a move to Italy.
The 33-year-old Real Madrid legend cast doubt over his Los Blancos future following the Whites’ Champions League final victory over Liverpool in May while Zinedine Zidane‘s departure shortly after that only served to increase speculation he could leave the Bernabeu.
Ronaldo’s agent, Jorge Mendes, is reportedly set to meet Madrid president Florentino Perez on Tuesday for talks amid a bid from the Old Lady in the region of €99m for his services.
Discussions between the two parties are likely to prove pivotal given Ronaldo is thought to be on the brink of joining the Serie A side.