The Portgual captain, who recently left Manchester United after a high-profile fallout, is currently unemployed and searching for a new club to join in January.
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At 37, Ronaldo is facing a watershed moment in his career and the five-time Ballon d'Or winner was sensationally dropped by Portugal boss Fernando Santos for the 6-1 victory over Switzerland in the World Cup round of 16 on Tuesday.
With no elite clubs in Europe willing to sign Ronaldo, Spanish outlet Marca reported the iconic goalscorer was heading for the Middle East in a £173million-per-season deal.
However, after Portugal set up a quarter-final with Morocco in Qatar, Ronaldo dismissed those claims.
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"No, that's not true - not true," he told reporters.
talkSPORT pundit Jason Cundy believes Ronaldo's astronomical wages and his seemingly declining impact at the top level could leave him with little choice.
It is thought Ronaldo was earning close to £400,000-a-week at United and missed out on a £17m payout when the remaining seven months on his contract were ripped up by mutual consent.
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"If he plays for free, he would get a club," ex-Chelsea man Cundy told talkSPORT while discussing Ronaldo's future at the top level. "But his wages are so big.
"There are only a few clubs in world football, or a few places, that can actually afford him.
"And why would you want him? He is Ronaldo but can he do what he did over the last eight years? He can't.
"He still scores goals, he's still a phenomenal striker. But is Ronaldo capable of the little movement in the tight areas?
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"It [Tuesday night] showed the Portugal manager made a huge decision and it paid off with interest."