Spanish sports newspaper Marca reported Tuesday Juventus is willing to offer Ronaldo a four-year contract worth €30 million (£26.5 million/$35 million) per season.
The newspapers cited the TV report in their own discussions of a potential transfer, but did not confirm that the deal has already been agreed.
ESPN Deportes' Paola Nunez reported that the "Jugones" story means that Real Madrid are at least considering the possibility of negotiations with Juventus.
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"Given the information issued tonight by TVE on a supposed offer of Real Madrid to PSG and player Neymar, Real Madrid said that this information is outright false", the statement read.
Ronaldo, having hinted that his future could lie away from the Santiago Bernabeu, transfer talk has built steadily since the 2018 Champions League final.
Juventus CEO Giuseppe Marotta met with Ronaldo's agent Jorge Mendes last week while finalising the signing of another client, Portugal full-back Joao Cancelo. Other top European clubs like Manchester United and Paris Saint-Germain are also expected to be lurking as a result of Madrid's new-found willingness to sell their superstar. "I am not of course sure if he wants to leave Real Madrid or not but maybe he wants another adventure, in another league, let us see what happens".