The Italian threw his support behind the Portuguese after watching his side beat Paris Saint-Germain 1-0 in a friendly on Thursday
Madrid ran out 1-0 winners over Paris Saint-Germain in a friendly in Qatar on Thursday, thanks to Jese Rodriguez's 18th minute strike.
And the Italian used his post-match press conference to throw his weight of support behind Ronaldo, while discussing the respective futures of Alonso and Iker Casillas.
When asked if the Portuguese should win the Ballon d'Or he said: "Yes, he's playing very well.
"Casillas's situation is very clear. He will play in the Champions League and in the cup as well. About Xabi Alonso, I think that we will find a solution and reach an agreement between the club and the player."
The 54-year-old then added Madrid would not be active in the January transfer window, with the Italian seemingly content with the squad at his disposal.
"There is nothing new regarding that. No players are leaving and we're not going to sign anyone. The window is closed for us."
Madrid host Celta Vigo on January 6 as they make their return to Liga action following the international break.