Juventus' streak of winning nine straight Serie A titles is likely to end this season, as they sit 13 points behind league leaders Inter Milan five games left.
The side's only hope getting back into the Champions League is to finish in the top four, where they currently sit but only due to better goal difference than AC Milan.
Italian publication Tuttosport have reported that the five-time Ballon d'Or will want to leave if the side fail to qualify for Europe's premier club competition.
Ronaldo has been linked with a departure since Juventus' round of 16 exit at the hands of FC Porto, but the club claimed they wanted to keep him next season.
Should he decide to leave, the report add he will consider moving to either Manchester United or Paris Saint-Germain.
Ronaldo has been in Turin since 2018 and has gone to win two Serie A titles while scoring 97 goals in 128 games for the club.