The Real Madrid and Portugal star was accused by Spanish prosecutors in June last year of defrauding tax authorities of €14.8m (£12.9m).

He initially denied the charges.

But the former Manchester United ace has pleaded guilty and accepted a prison sentence and a fine worth £16.5million, according to Spanish newspaper El Mundo.

The Real Madrid superstar had been seeking an agreement after being accused of defrauding the government in unpaid tax.

A settlement was thought to have been reached for a while but it hinged on the new government.

Ronaldo admitted four charges of fraud meaning he wouldn't need to face anytime in jail.

El Mundo reported that Ronaldo offered around £12.9m in June last year which was rejected by the government.

The latest fine covers fees from authorities, fines and commission but he can now put the issue behind him.

Meanwhile, Real Madrid have reportedly offered the former Manchester United man a contract worth a basic £425,000-a-week plus bonuses.

Ronaldo is understood to be unhappy at the club, primarily down to a lack of protection over his tax issues and the fact his salary is dwarfed by his two biggest rivals.

He earns around £350,000-a-week, which pales in comparison to Neymar's £619,000, while Lionel Messi pockets a staggering £673,000 every seven days.

Real Madrid's offer includes bonuses worth up to a maximum of £6.45m-per-season.