The Portuguese winger was the subject of reported interest from free-spending City earlier this summer, with record-breaking transfer fees and bumper pay packets discussed.
Ronaldo responded to the rumours by hinting that he could be tempted back to England if the price was right.
He has, however, sought to play down any chance of that happening this year by insisting that he will not leave the Santiago Bernabeu will countryman Mourinho is overseeing events in the Spanish capital.
Ronaldo said in the Sunday Mirror: "It's flattering to be offered ?20million a year - it's very good, but I spoke to my agent and I think it's better to stay in Madrid because this year we're going to be the best. This season we are going to be a big force.
"Jose Mourinho is staying at Madrid so I stay.
"If he went to Chelsea then I would have left. I would have gone to Manchester City. But now he's staying, I'm staying."
While his immediate future remains in Madrid, Ronaldo has revealed that he does intend to take in a second spell in the Premier League.
Having enjoyed a successful six-year stint with Manchester United between 2003 and 2009, he admits he would welcome the opportunity to return at some stage in his career.
"I think if I went from Spain it would be to the Premier League - but not now," he said.
"First we have to win the Champions League.
"If I went back to the Premier League it would be with a club in the North West. I don't like London."
Source: Team Talk
Source: Team Talk