The Portuguese sensation is thought to have agreed a deal to become the highest-paid player in Spanish football after months of protracted negotiations.
Real Madrid has announced that Cristiano Ronaldo has signed a new contract with the club.
The Portugal star has finally put pen to paper on fresh terms at Estadio Santiago Bernabeu, ending any lingering doubts as to his future at the club following months of speculation over the talks.
"It's a very special day for me," Ronaldo said during a press conference. "I'm very grateful, above all to the president (Florentino Perez) and to my fans who always support me. It's for them that I will continue on here until what could be the end of my career."
Los Blancos have not yet disclosed any details of the contract, although reports in the Spanish media suggest the 28-year-old will become Spain's highest-paid player with a net salary of 17 million euros per year, earning more than Lionel Messi and new teammate and record-signing Gareth Bale.
It was revealed on Saturday that Ronaldo was ready to sign a new five-year deal with Madrid, with Perez eager to keep his promise making the Portugal captain the highest-paid player in world football.
Ronaldo is thought to be set to earn 50 percent more per year than Bale, who eclipsed the forward's world-record transfer fee after his reported 100 million euro move from Tottenham at the end of the summer.
"Ronaldo has won the hearts of all of Madrid's fans," Perez said. "And his goal-scoring numbers are simply amazing. He has reached 203 games and scored 204 goals with Madrid. There are no precedents for such spectacular figures."
The news brings to an end a full year of speculation over Ronaldo's commitment to the Madrid cause, beginning with the revelations that he felt "sad" in the Spanish capital last autumn over a perceived lack of support from the club's hierarchy.
"Maybe that day I was a little sad," Ronaldo said. "It's normal. It's human. Maybe I shouldn't have said it publicly, but I am not perfect. I make mistakes like everyone else, but it happened and that page has been turned.
"Now I am fine, comfortable and very motivated. I want to continue at this club for many years and give it my all like always."
Former side Manchester United was linked with a sensational move to bring the 2008 Ballon d'Or winner back to Old Trafford earlier this summer, four years after he was sold for a then-record fee of 94 million euros.
But Ronaldo, who has 203 goals in as many games for Madrid, has always maintained a desire to stay at the club following Carlo Ancelotti's appointment, with the Italian coach himself underlining his belief that the deal would go through.
"Everyone knows that I was at Manchester for six years and it was a club that gave me many, many things," he said. "But Manchester is the past, now my club is Real Madrid. It's my home and my family and I am really happy here."