He will become the club’s president with current president Carlos Suarez continuing as chief executive.
Mexican businessman Ernesto Tinajero is also reportedly interested but his approach to buy the club reportedly collapsed following a dispute between the ex-president Jose Moro and former vice-president Jose Luis Losada.
Ronaldo, 41, spent a total of six seasons in Spain for the country’s two biggest sides during his illustrious career.
Upon retirement he has dabbled in a number of different areas, including football club ownership when he had a 20% stake in NASL side Fort Lauderdale Strikes.
And it now appears as if he will be entering that world again with a report from El Larguero saying that Ronaldo is set to purchase a stake in Valladolid worth €30 million (£27.2m).