According to media reports Ronaldo is unsettled at Real Madrid because he believes the European champions did not back him as fully as he had hoped in his dispute with the taxman.
The 29-year-old and his father Jorge Horacio Messi were found guilty of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying taxes on 4.16 million euros of Messi's income earned from his image rights from 2007-09.
Earlier this month, Spain's Prosecutor's Office in Madridfiled a lawsuit against football legend Ronaldo for allegedly defrauding the country's tax office of €14.7m (£12.9m, $16.4m).
The 4-time Ballon d'Or victor was linked with a return to Manchester United, while moves to Paris Saint-Germain and other cash-rich clubs were also speculated.
And now, following a a public defence from Real President Florentino Perez, the Portuguese phenom has reversed his decision and will remain in the Spanish capital. I will defend him as a player and as a human being. "But something really freakish would have to happen if he were to leave this club".
Ronaldo is now on global duty with Portugal at the Confederations Cup, but, according to the report, has told his teammates that Perez's words were "better late than never" and have conveniently led to him having a change of heart.
Mourinho left the club in 2013 to return to Chelsea.
Madrid's long-time president said the club had not received any transfer offers for Ronaldo.
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