The legendary Portuguese forward is apparently seeking to leave Juventus this summer and the Premier League champions are a possible destination.
The Italian side are believed to be open to selling Ronaldo as he has entered the final year of his contract.
Man City are one of few clubs who can afford the 36-year-old’s huge demands and have reportedly agreed personal terms ahead of a stunning transfer.
It is a switch which will anger fans of Manchester United, for whom Ronaldo first emerged as one of the world’s best players.
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However, the Spaniard has said that he would be happy with his squad even if no further additions are made. Jack Grealish remains City’s only major signing of the window, arriving from Aston Villa for £100m.
“When we decided to not sign a contract for Aguero and people say what we’re going to do, I said many times: it’ll depend on the market, the options [available],” Guardiola said after his side thrashed Norwich City 5-0 on Saturday.
“Maybe we buy or maybe we’ll not.
“We still have 10 days in the transfer market, we’re going to see what happens, and it depends on that, what decision we are going to take.
“If the team is the same one, I said yesterday before the 5-0 today, I’m more than pleased with the team. I know them really well, they know me really well.
“We put in incredible energy this week to realise that we still want to be there, to try to compete with the good teams in England and good teams in Europe. We want to be there.”