Various outlets have linked Ronaldo with a sensational return to the Spanish capital, two years after he swapped clubs in a £99m deal.
The Portugal international scored a club-record 450 goals for Madrid and won the Champions League four times during his near-decade with the club.
According to Marca, though, Madrid are not seriously thinking about re-signing Ronaldo, despite the superstar player still enjoying a close relationship with president Florentino Perez.
The report suggests that Los Blancos are not prepared to match the salary Juve are paying the 35-year-old, who has showed no signs that he is seeking an Allianz Stadium exit.
Ronaldo has scored 21 goals in 22 Serie A appearances for Juventus this season.