Worries surrounding Ronaldo's continued struggle with a knee problem have overshadowed his side's World Cup campaign - which began with a miserable 4-0 Group G loss to Germany on Monday - with the star confirmed as suffering from tendonitis in the build-up to the tournament.
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The 29-year-old did play a full part versus Germany, but was forced to leave training early during the week and reports suggested team doctors had told him that his career could be at risk should he attempt to play through the injury.
Veloso, however, holds few concerns over his teammate.
"I'm not a doctor but from what I see, Cristiano Ronaldo is fine," he told reporters. "He is training, he is jumping and he is shooting. There is not much else to say."
Meanwhile, fullback Fabio Coentrao has been ruled out of the World Cup after injuring his groin in the defeat to Germany, and midfielder Veloso says he would be happy to slot in at left back to compensate for the Madrid man's absence.
"I'm in a group of 23 players and I'm ready to play in any position that the coach chooses. That could be at left back or in central midfield," he said. "I'll do so with pleasure, because what we all want is to play and to do the best we possibly can."
A back four of Joao Pereira, Ricardo Costa, Bruno Alves and Andre Almeida were seen playing together in training during an open session for the media, but Veloso says coach Paulo Bento has experimented with a number of setups during the week as he looks to solve the problem of Coentrao's injury and Pepe's suspension.
"You only saw the first 15 minutes. The whole group trained as the coach wanted to prepare [the players to be in] the best possible shape for the next game, because we all know how important it is," he added.
Portugal faces USA on Saturday in a must-win Group G clash.