The Blues have been looking into the possibility of signing the former Manchester United forward, after a failed attempt to sign Spurs striker Harry Kane.
Numerous reports have suggested that Manchester City have entered into negotiations with Juventus to sign the 36 year-old, with the summer transfer window due to close on Tuesday evening.
In a sensational development on Thursday afternoon, Ed Aarons and Fabrizio Romano have jointly reported for the Guardian that personal terms of more than £250,000-a-week are 'believed to have been discussed' ahead of a potential return to the Premier League for Cristiano Ronaldo.
They further report that Juventus 'want' a fee of between €25 million and €30 million for the Portuguese forward, but that Manchester City 'would like' to sign Cristiano Ronaldo on a free transfer.
The Serie A side have been heavily linked with Manchester City forward Gabriel Jesus in the past, with Juventus known admirers of the 24 year-old City striker.
Ronaldo, who scored 29 goals in 33 Serie A appearances last season has won the Ballon d'Or on five previous occasions and could become a Manchester City player before the end of the transfer window.
The prospect of the former Manchester United star joining the Blue side of the city has already raised eyebrows at Old Trafford, with United manager Ole Gunnar Solskjær saying, "I do not read newspapers. I know how much nonsense is written there" when asked about the rumours.
Despite reports strongly linking Cristiano Ronaldo with a return to the North West of England, Pep Guardiola will reportedly be happy with his squad for the new season either way, having already signed Jack Grealish from Aston Villa this summer.
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