The Portuguese's future has been a hot topic for discussion in recent weeks after the club's disappointing showings in the Serie A and UEFA Champions League.
Ronaldo, meanwhile, continued to play at a high level after topping the scoring charts in the Serie A with 29 goals this season while the club did walk away with the Coppa Italia.
With the season now concluded, Italian publication Il Messaggero have reported that the five-time Ballon d'Or winner has already informed the dressing room about his decision.
The likes of Manchester United and Sporting Lisbon has been linked with their former star, but there have no been real destination for the Serie A Golden Boot winner yet.
Since joining the Old Lady from Real Madrid in 2018, Ronaldo has notched up 101 goals and 22 assists in 122 appearances.