Real Madrid are reportedly ready to agree a deal with Cristiano Ronaldo to extend the Portuguese star's contract, according to Italian news source tuttomercado.com.
The Italian site quotes Spanish source Terra, which revealed Ronaldo is set to receive a new deal tying the Portugal international to the Bernabeu until 2017. The 27-year-old will reportedly earn close to €15m a season, and the agreement will be concluded after the international break.
Ronaldo revealed earlier last month that he was "sad" at Real Madrid, prompting speculation that he could leave the club.
Manchester City and Chelsea were thought to be on alert following Ronaldo's announcement, and the Premier League pair, along with big-spending Paris St-Germain, would likely be the only clubs with enough cash to fund a deal.
But Ronaldo looks set to stay put. Chelsea could instead focus their full attention on cross-city star Athletico Madrid striker Radamel Falcao. The Colombian international can reportedly leave the La Liga club for £48m, and Chelsea and Manchester City are jockeying for position to be first in line to secure his signature.
Roberto Mancini could also look to Fiorentina star Stevan Jovetic. The City boss was linked with the Montenegrin forward in the summer, and Serie 'A' champions Juventus have now dropped out of the race, giving Manchester City a free run.
Cristiano Ronaldo has started the season in fantastic form for Real Madrid, and scored another two goals against Barcelona in last weekend's El Clasico.
The Portugal international has bagged eight goals so far this season, the same amount as Falcao and Barcelona superstar Lionel Messi.