City are considering signing Ronaldo after losing the transfer race for Harry Kane.
Kane turned out to be City’s top target although Tottenham remained firm on not selling their prized asset this summer.
While it was expected that City would come with a final-ditch offer in the final week of the transfer window, Kane revealed that he would stay at Spurs this season.
Man City are now exploring the alternatives and have set their sights on Portuguese skipper Ronaldo.
According to a new report, the Premier League champions are ready to offer a two-year deal for the 36-year-old but are unwilling to pay a transfer although he is tied to the Old Lady until next summer.
Ronaldo, who is keen on a move away from Turin, has been recently offered to Man City by his agent Jorge Mendes, with Juve demanding a transfer fee of £25m.
The Old Lady are also said to be ready to accept City striker Gabriel Jesus as a part of the deal. However, Guardiola has rejected the idea as he considers the Brazilian forward integral to his plans.
There are other reports claiming that City could look to sign Erling Haaland next summer when his release clause of £64m becomes active.
The city got off to a disappointing start after suffering a defeat against Spurs in their opening Premier League fixture.
However, they returned to their best after an emphatic 5-0 against Norwich City.