Real Madrid will announce Cristiano Ronaldo has agreed a new three-year contract after they have completed the signing of Gareth Bale, according to Goal.com.
Ronaldo was said to be attracting interest from former club Manchester United this summer but he has agreed to stay at the Bernabeu for the foreseeable future.
Speculation of a move back to Manchester United intensified when he said at the beginning of last season that he was unhappy at Real Madrid due to 'a professional issue'.
However Ronaldo's new deal will not be publicly announced until Madrid have sealed the capture of Bale.
Ronaldo's new deal will see him earn €1m more than rival Lionel Messi.
Meanwhile, Carlo Ancelotti's Madrid are reportedly readying a £85million deal for the Tottenham superstar - which would break the current record set when Ronaldo moved to Madrid in 2009.
Real Madrid fans will be delighted with the news that Ronaldo and Bale could be teaming up next season - amid previous suggestions that the latter was being signed to replace the Portuguese international.