The two-time Ballon d'Or winner, who scored over 350 career goals in an illustrious career has been linked with a bid for the Real Valladolid for several months now since it first surfaced in the Brazilian press.
When the rumours first came about at the back-end of last season, Valladolid were occupying sixth place in the Segunda division and hoping to return to the Spanish top-flight.
And they did just that, finishing fifth in the league but beating both Sporting Gijon and Numancia to take the third promotion spot.
But it still looks as though there will be a change of ownership at the club, with Cadena Ser claiming the deal has already been struck.
El Fenomeno' has ties to Valladolid vice president Jose Moro, as he was his partner in a wine business called Cepa 21 but the relationship with Moro looks set to see him return to football in a different capacity.
Ronaldo will buy the Spanish outfit for €30m (R497m) and will become their club president and major shareholder.
Carlos Suarez is currently the owner and president of Valladolid, but the club reportedly in fairly substantial debt, extra investment is said to be needed in order to retain their top-flight status.