Cristiano Ronaldo signs new Real Madrid contract

Cristiano Ronaldo's new contract will make him the world's highest-paid soccer player. (Alberto Saiz/AP)

Cristiano Ronaldo will be tied to Real Madrid for at least the next five years after signing a new contract with the club, the AP reports. Real Madrid has not disclosed financial terms of the deal, but The Independentreports Ronaldo will earn around $23 million per year.

Ronaldo's current deal with Madrid wasn't set to expire until after the end of next season, but multiple reports indicated that a renegotiated contract with the Portuguese was in the cards after Madrid's record $132 million purchase of Gareth Bale. The former Tottenham attacker signed a six-year contract with the club that pays him in the neighborhood of $13 million per year, more than Ronaldo's old deal -- something that may not have sat well with the club's previous top earner.