AC Milan has reportedly agreed to pay Real Madrid about Ђ7 million (US$9.1 million) for Ronaldo.
Milan vice president Adriano Galliani and Madrid official Franco Baldini reached a verbal agreement for the Brazil forward late Wednesday, according to the ANSA news agency.
"We are still waiting a written offer from Milan," Baldini was quoted as saying by ANSA. "If it arrives in the morning and is considered reasonable, Ronaldo could leave for Milan today."
The Italian club declined to comment on the report, which said Ronaldo could arrive in Milan as early as Thursday afternoon for a medical exam.
Spanish news agency Efe said Ronaldo sent a text message to Galliani on Wednesday.
"I'll arrive, pass the medical and go to the stadium with my new president," Efe quoted him as saying.
Milan hosts AS Roma on Thursday in the fist leg of an Italian Cup semifinal.
Baldini did not divulge financial details of the agreement but said that "it's a long way from the Ђ8 million ($US10.2 million) that Real is asking to release Ronaldo," ANSA reported.
Spanish daily El Mundo cited a figure closer to Ђ6 million (US$7.8 million) and reported that Ronaldo will be offered a 1 1/2-year contract with the Rossoneri the same length as the remainder of his contract at Real.
Regardless, both transfer fees represent a significant discount on Milan's unsuccessful offer of Ђ22 million (US$28.6 million) five months ago.
The 30-year-old Ronaldo has six days remaining in the January transfer window to switch clubs. Otherwise, he will have to stay at Madrid at least until the end of the season, reports AP.
The forward, who hasn't been picked for Madrid since the Jan. 7 defeat at Deportivo La Coruna, said Monday his difficulties with coach Fabio Capello seem set to force him out of the club.
A move to Milan would take Ronaldo back to the city where he spent five years with rival Inter Milan. He joined Madrid in 2002, winning the Spanish league at the end of his first season his last major title.
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