Since retiring, the 48-year-old has experienced football club ownership with Real Valladolid and Cruzeiro, selling his stake in the latter earlier this year.
Ronaldo is believed to have been looking to sell his majority stake in Real Valladolid since the middle of last year as he eyes up a new role in governing Brazilian football.
According to reports in Brazil and Spain, via The Mirror, Ronaldo will contest for the presidency of the Brazilian Football Confederation (CBF) which is set to be vacated by incumbent president Ednaldo Rodrigues in March 2026.
The report adds that Ronaldo would need to gain the support from state federations and clubs in Brazil, but they could be persuaded by a key part of his manifesto.
Indeed, it is claimed that if Ronaldo is elected as president, he will look to appoint Man City boss Guardiola as Brazil's new manager.
Could Ronaldo lure Guardiola to Brazil?
Brazil are currently coached by Dorival Junior, but the 62-year-old has already come under pressure after winning just six of his opening 13 games in charge since his appointment in January.
Ronaldo is said to believe that securing the services of a manager of the calibre of Guardiola is what Brazil need to turn the nation's fortunes around.
The two-time World Cup winner, who earned 98 caps for Brazil, is planning to reunite with Guardiola, who he briefly played alongside during his one and only season at Barcelona in 1996-97.
It has previously been reported that Guardiola has been called several times by the CBF and that they are 'making a major play' to bring the Catalan on board.
Current CBF president Rodrigues has since denied those reports, but speculation linking Guardiola with a high-profile international job remains rife, as the Man City boss has regularly admitted that he is interested in taking charge of a national team in the future.
What does the future hold for Guardiola?
Widely regarded as one of the greatest managers of all time, Guardiola is currently enjoying his ninth season in charge of Man City, where he has celebrated winning a total of 18 trophies.
However, the 53-year-old is out of contract at the Etihad Stadium at the end of the season and his long-term future with the reigning Premier League champions remains uncertain.
Recent reports claims that Guardiola has reached an agreement in principle to sign a one-year contract extension at Man City, keeping him at the club until June 2026, and the deal is said to be '99% done'.
It is understood that Guardiola likes the idea of completing at least 10 years at the Etihad, while he is also thought to be 'more likely' to stay in charge of the Citizens if they are found guilty of the 115 charges levelled against them by the Premier League.
When his alleged new contract runs out in 2026, Guardiola may then opt to seek pastures new and either take a sabbatical - as he did following his departure from Barcelona prior to joining Bayern Munich - or look to step into international management ahead of either the 2026 or 2030 World Cup.