The three-time World Player of the Year will sign the new deal, which will keep at the Bernabeu until he is 36, on Monday at an event alongside club president Florentino Perez.
The news comes a week after team-mate Gareth Bale signed a bumper new contract which will keep him at Real until 2022
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Financial details were not released, although Ronaldo is expected to remain the team’s top-paid player.
Bale and Ronaldo are the latest in a series of Real stars to agree contract extensions in recent weeks as the club prepares to serve a one-year transfer ban imposed by FIFA should a final appeal to the Court of Arbitration for Sport fail.
Luka Modric, Toni Kroos and Lucas Vazquez have already agreed new deals
Coach Zinedine Zidane had teased about Ronaldo’s new deal when speaking after Madrid’s 3-0 win over Leganes on Sunday afternoon.
“I’m happy because he is a player who has to finish his career in Madrid. It is unique,” Zidane said in comments reported by Marca.
“His dream is to finish here and why I’m glad he has renewed and will end it in this white shirt as I did.”
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