Ronaldo has openly spoken about his desire to return to Old Trafford in the future, but talk of a move back to Manchester has intensified in recent weeks after Real parted ways with Angel di Maria and Xabi Alonso.
While Real have replaced the pair with Toni Kroos and James Rodriguez, former president Ramon Calderon said the Portugal captain had become disillusioned in Madrid.
Former United defender Gary Neville also talked up Ronaldo's potential return, claiming it is a possibility, with Manchester showcasing their financial strength in the transfer market.
However, Ronaldo distanced himself from those rumours after scoring four goals against Elche on Tuesday.
"It's nothing important, what's important is Madrid. On a personal level, things are going well and I want to help this shirt," Ronaldo said post-game.
"I don't see a need to talk about things outside the club.
"It's all speculation, speaking about my future… My future is Madrid. I'm happy.
"The season is going well and I'm not talking about my future, it doesn't make sense."
