Portuguese daily newspaper A Bola reports that the 32-year-old footballer has made the “irreversible” decision to leave the club, informing his teammates of his intentions.
Citing a source close to the player, the BBC also reported that the Real Madrid forward is “sad” and “upset” after being accused of tax fraud and wants to leave the club.
Earlier this week, Spain’s Prosecutor’s Office in Madrid filed a lawsuit against Ronaldo for allegedly defrauding the country’s tax office of €14.7m (£12.9m, $16.4m).
Between 2011 and 2014, he is accused of using shell companies in the British Virgin Islands, Ireland, Columbia and Panama to hide earnings related to his image rights.
According to Spanish tax authorities, known as the Hacienda, the footballer filed earnings of €11.5m with Spanish tax authorities, when he really earned €43m over that period.
Ronaldo has denied all allegations and Real Madrid has released a statement saying they had “full confidence” in their player, and that they were convinced he would prove his innocence.
Ronaldo signed a new five-year contract to stay at the Bernabeu in November 2016, declaring at the time he is ready to play on until his 41st birthday.
Portuguese tax probe
It comes just days after Portuguese local press reported that the nation’s revenue authority is launching its own investigation into tax fraud by football clubs and their players including Portugal captain Ronaldo.
Meanwhile, Ronaldo’s agent Jorge Mendes has been summoned before a Spanish court as part of the probe into Colombian striker Radamel Falcao’s alleged tax evasion.
Falcao is suspected of failing to correctly declare $6.1m of income earned from image rights between 2012 and 2013.