Marca has reported that the Portuguese has tied down his future at the Bernabeu until 2018, increasing his salary to 17 million euros (£14.8million) per year after tax and negotiating a new arrangement over the sale of his image rights in the process.
Ronaldo has two years to run on his deal at Madrid, who paid a world record £80 million fee to prise him away from Manchester United in 2009, but has courted speculation over his future by revealing that he misses English football.
Quoted in AS, he told a press conference: "The situation still hasn't been resolved and I don't think now is the right time to talk about it.
"Perhaps we'll be able to give more concrete news about this further down the line but now the only thing in my remit is to train and work."
Madrid are believed to be ready to pay £95 million for Bale but Ronaldo said: "I'm not qualified to talk about new players, but I'm very happy with the players the team already has.
"In terms of the transfer fee, you should speak to the coach [Carlo Ancelotti] and president [Florentino Perez] about that. I have my opinion, but I'm not going to reveal it in front of the cameras."
Ronaldo is in Los Angeles with the Madrid squad for their tour of the USA.
Ancelotti's side have won both games they have played in the United States so far this summer, against LA Galaxy and Everton respectively in the Guinness Champions Cup.
On Wednesday they will face Chelsea in the final of the tournament, a match which pits Blues manager Jose Mourinho against his old club, a little more than two months after he and Madrid parted ways.
Mourinho gave an interview to ESPN at the weekend, in which he declared: "Madrid is politics. Madrid is not about football, Madrid is not about sport."
He also belittled his compatriot Ronaldo, by declaring that "the real Ronaldo" was the former Brazil, AC Milan, Real Madrid and Barcelona forward, with whom he worked during his period as a translator and assistant coach at Barcelona between 1996 and 1997.
Asked what he had made of his former coach's comments, Ronaldo responded:
"There are some things in life that don't deserve any mention. This is one of those things and I won't comment on it for obvious reasons. I always respect my coaches and try to learn from them.
As we say in Portugal: 'I don't spit on the plate I eat on.' That's how I feel. I prefer to try and remember the positive side [to Mourinho]."
And Ronaldo denied that Madrid will be desperate to get one over their former boss when they meet Chelsea in Miami.
He declared: "We are facing Chelsea, not their coach. Although it's like any other game, we want to win."