The Portugal international was linked with a return to the Premier League after his comments about Manchester United earlier this month. United have a first option on Ronaldo should he become available while Chelsea boss Jose Mourinho worked closely with him at the Bernabeu.
But a London Evening Standard source claims Ronaldo's recent statements are just designed to put pressure on Real Madrid in contract renegotiations.
Ronaldo wants to enter talks with Real Madrid over a new deal, having seen some of his peers at the top of the football pyramid earn new contracts that dwarf his current deal.
Angel Di Maria and Radamel Falcao have earned contracts comparable to Ronaldo's £288,000-a-week Real Madrid deal while Wayne Rooney may be earning more at Manchester United.
Ronaldo sees himself as the world's best player after winning the Ballon d'Or award in January, and wants a contract to reflect that fact.
As a result, a Real Madrid source claims this recent transfer talk is just a power play by the Portuguese superstar.
"This is all about money," the source told the London Evening Standard. "Cristiano considers himself to be one of the world's greatest players and doesn't want to be paid less than anyone else, no matter who they play for.
"But Madrid are in no mood to let him go and will almost certainly end up giving him whatever he wants. He's too important for them to let go."
Premier League interest
The report claims Manchester United and Chelsea are the intended audience of the clear 'back-off' statement, as both Premier League clubs have signalled interest in the past.
The 29-year-old admitted earlier this month that he would like to return to Old Trafford one day, while separate reports claimed Real Madrid were preparing for life after Ronaldo by lining up a move for Chelsea star Eden Hazard.
Welbeck buy praised