The 37-year-old Portugal forward is said to be on his way away from the club with a fortune, as he has been with them for over a year.
According to the Daily Mail, the package means his targets are set for Manchester United at £1.2 million each.
In a 67-word statement posted on their website on Tuesday afternoon, the club announced they were parting ways after launching an attack on the player in an interview with Piers Morgan.
It later emerged that United's owners could be prepared to sell the club in a sensational deal worth over £5 billion.
United stated that they are beginning a process to "explore strategic options for the club" in order to "enhance the club's future growth".
The Daily Mail reported on Tuesday night that it is understood investment bankers have been instructed to advise on the process, which could involve funding or a strategic partnership..
The owners were under pressure from fans to end their 17-year control of United after a leveraged £790 million buy-out in 2005 left the club deep in debt.
Cristiano's £500,000-a-week contract was terminated with "immediate effect", United said at 5.30 pm on Tuesday: "Cristiano Ronaldo is to leave Manchester United by mutual agreement with immediate effect.
“The club would like to thank him for his immense contribution over two spells at Old Trafford, scoring 145 goals in 346 appearances, and wish him and his family all the best for the future.
"Everyone at Manchester United is focused on continuing the team's progress under Erik ten Haag and working together to deliver success on the pitch."
He released his own statement following the news, writing: "Following talks with Manchester United, we have mutually agreed to terminate our contract early.
“I love Manchester United and I love the fans, that will never change. However, it feels like the time is right for me to take on a new challenge.
"I wish the team every success for the rest of the season and for the future."
The announcement comes two days before Portugal begins their World Cup final campaign against Ghana.
During his 90-minute interview with Pearce, Cristiano said he had no respect for manager Erik, claiming he was betrayed by the club and that he could not believe his daughter's ill health over the summer.
Who is No 1 Messi or Ronaldo?
Cristiano Ronaldo has scored 804 goals in 1106 games in his entire career (0.72 goals per game). Meanwhile, Lionel Messi has scored 759 goals in 957 games (0.79 goals per game). These stats clearly show that Cristiano has scored more goals than Messi.
What are 5 facts about Ronaldo?
- 5 shocking facts about Cristiano Ronaldo you won't be aware of. ...
- At the age of 15, he was diagnosed with a racing heart which forced him to give up football for a certain period of time. ...
- Ronaldo met with the love of his life, Georgina Rodrigez, in 2016 at a Gucci Store where she worked as a shop manager.
How many hours does Ronaldo train?
Inside the gym, more cardio, weight training, and ab workouts continue a trend. Apparently, Ronaldo trains for 3-4 hours, five days per week, aiming at different muscle groups for each day. Everyone reading this isn't an aspiring footballer, so technical football drills and training can be removed from the equation.
Does Ronaldo pray to God?
I found my faith —
Living it. Hence, I righteously say with my arts of science and science of arts that — I do believe in God. To such an extent my faith has bridged its chords that in many of my weakest moments, I don't turn to human beings for help. Instead, I pray