Reports said that Fabio Capello prefers recent signing Ruud van Nistelrooy to spearhead the attack next season rather than Ronaldo.
Real Madrid may offer Ronaldo to AC Milan in exchange for Kaka, according to Spanish news reports on Sunday.
Milan is reportedly keen to bolster its attack by signing Ronaldo to replace Andriy Shevchenko, who left for Chelsea in May.
And Madrid could take advantage by using the Brazil striker as a bargaining tool for acquiring his compatriot Kaka, whose arrival was a pre-electoral pledge of the club's new president Ramon Calderon, sports daily Marca said.