The fifth edition of the show takes place in the kingdom on November 4.
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And WWE are exploring ways to make the event bigger and better than ever, while increasing revenue.
According to AS, WWE want Ronaldo to make a debut appearance and they are working on a deal to make it happen.
Ronaldo, 38, would receive a large appearance fee if he agreed to feature.
The superstar could become the latest footballer to take part in a WWE event, following in the footsteps of Adebayo Akinfenwa and Grant Holt.
His former Manchester United team-mate Wayne Rooney once starred too – slapping Wade Barrett at the 2015 WWE Raw event in Manchester.
Ronaldo has maintained his physical prowess and NXT star Apollo Crews believes he would be perfect for wrestling.
He said of the Al-Nassr star: “Honestly, with that mentality to be a top athlete in the world on that level, I think just on the mentality alone he would’ve done okay.
“When you start the physical part, that’s a different story, though, for most people. But again, [he’s] a world-class athlete so I wouldn’t put it past him.”
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Saudi Arabia have a lucrative deal to host WWE events and the Crown Jewel later this year will be the tenth show held by the country.
Last year Logan Paul was defeated by Roman Reigns in an epic contest.