The 41-year-old could leave Al Nassr at the end of the season, and a return to Lisbon is emerging as a serious option as uncertainty grows over his future in Saudi Arabia.
Ronaldo has missed a second consecutive match for Al Nassr amid frustration over limited squad reinforcement in January, intensifying speculation about a potential exit.
His contract includes a £43m release clause that becomes active in the summer, creating a realistic pathway for interested clubs to act.
Sporting are closely monitoring the situation and would welcome the chance to re-sign their former academy star, who began his professional career in Lisbon. Such a move would represent a symbolic final chapter to Ronaldo's career and a major boost for the Portuguese champions on and off the pitch.
Saudi Pro League officials are understood to be relaxed about the prospect of his departure and are already identifying replacements.