The Portuguese has seen his high standards slip in the Spanish top-flight this season, along with a number of his team-mates.
Real appear to have already surrendered their domestic crown, with their talismanic forward contributing just four goals to the cause.
Ronaldo has fared considerably better in the defence of Madrid's Champions League title – netting nine times so far – but uncertainty surrounding his future has been sparked by talk of contract frustration and interest being shown in his services from the likes of Paris Saint-Germain.
Former Blancos striker Mijatovic told Marca on claims the 32-year-old has been left frustrated by Real’s reluctance to offer him salary parity with Barcelona rival Lionel Messi: "The situation needs to be well evaluated at the end of this season.
"These things must be talked about and if he [Ronaldo] is not happy then he has to say so.
"I don't see Ronaldo as being sad in the Champions League, but I do see it in La Liga.
"That has nothing to do with his wages.
"Maybe he's just more motivated by the Champions League."
If Ronaldo were to head to France in the summer, he could be replaced by a man currently on PSG’s books.
Neymar continues to be heavily linked with a return to Spain a few short months after leaving Barcelona for Paris in a record-breaking €222 million transfer.
Mijatovic admits the Brazilian would be a welcome addition at Santiago Bernabeu, with an ideal scenario seeing him paired with Ronaldo in a fearsome attacking unit.
The 1998 Champions League winner said: "Personally, I love Neymar as a player.
"He has magic and would win over a lot of Real Madrid fans, or almost all of them.
"If there was a chance to sign him, I'd be the first person to say yes, but I don't know if it's possible.
"If Neymar was able to get on well with Lionel Messi, then there's no reason he couldn't get on well with Ronaldo."
Neymar netted four times in his most recent outing for PSG, taking him to 24 efforts for the season in just 23 appearances across all competitions.