Information surfaced on Friday through the German publication, in which American woman Kathryn Mayorga alleged that the five-time Ballon d'Or winner raped her in a hotel room in Las Vegas nine years ago.
The report further stated, according to Leslie Mark Stovall, the lawyer for the complainant, that Ronaldo paid her $375 000 (R5.28m) for a non-disclosure agreement.
"(Mayorga) was sexually assaulted in June 2009 by an individual named Cristiano Ronaldo," Stovall said in a video published by Der Spiegel.
However, Ronaldo's lawyer, Christian Schertz, said in a statement through the Juventus midfielder's management company Gestifute that the report was 'inadmissible' and that he would seek legal redress for his client from the magazine.
"(The report) violates the personal rights of our client Cristiano Ronaldo in an exceptionally serious way," Shertz's statement said.
"This is an inadmissible reporting of suspicions in the area of privacy. It would therefore already be unlawful to reproduce this reporting.
"We have been instructed to immediately assert all existing claims under press law against (Der Spiegel), in particular, compensation for moral damages in an amount corresponding to the gravity of the infringement, which is probably one of the most serious violations of personal rights in recent years."
In an Instagram video posted this weekend, as reported by the BBC, Ronaldo responded, claiming: "They want to promote (themselves) by (using) my name. It's normal."