The prolific forward told the Bernabeu board that he wants an eye-watering salary of £1.35m-per-week if he is to sign a new deal.
Ronaldo’s future has once again become the subject of speculation in recent weeks.
After winning the Champions League by defeating Liverpool, the five-time Ballon d'Or-winner ramped up the rumours that he is preparing to walk away.
He spoke of his time at Real in the past tense, telling reporters that "it was very nice to be in Madrid".
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According to El Confidencial, Ronaldo's agent Jorge Mendes has put forward terms over a new contract worth a staggering £70m-a-year before tax.
Ronaldo is currently believed to earn £350,000-per-week, far less than his Real team-mate Gareth Bale.
Paris Saint-Germain talisman Neymar pockets £619,000-per-week while Barcelona forward Lionel Messi is raking in £673,000-per-week.
The report also claims that Ronaldo faces having to pay up to £17m to the Spanish treasury.
“He wants to be ahead of Neymar and close to Messi in wages,” said Spanish football expert Guillem Balague recently.
“Real Madrid have offered between £26-29m last month in the first meetings.
“This was a promise that was given a year ago by [club president] Florentino Perez that the contract will be renewed.
Having been accused of tax fraud, Ronaldo wants more protection from his club as well as financial aid to cover the cost.
The former Manchester United man scored 44 goals in 44 games last season in all competitions.
