Reports from Italy claim that super-agent Jorge Mendes is lining up "a sensational move for the Real Madrid talisman" after Ronaldo decided he wanted one final challenge away from the Bernabeu.
The Portugal forward was reported to be on the verge of leaving last June after a news story appeared in Portuguese newspaper Record declaring he was unhappy with the club.
A former managing director of Juventus football club, Luciano Moggi has laughed off reports linking Real Madrid star, Cristiano Ronaldo with a move to join the Italian champions this summer.
French journalist Baptiste Ripart posted on Twitter on Wednesday morning (AEST) that Madrid had agreed deal worth €272million (A$429 million), spread over four payments, to take Mbappe to Madrid.
Portugal v Uruguay - Preview and possible lineups
Up next? A place in the World Cup quarter-finals is at stake as Uruguay and Portugal face off in the last 16 this evening. The Iberians moved the ball quicker after the break and they were rewarded with an equaliser in the 55th minute.
Real issued their denial after Spanish sports dailies Marca and AS ran articles citing the posting. It's an effective way of forcing Madrid into offering him a new and improved contract regularly, especially if Ronaldo has played a big part in winning the Champions League that season.
Mbappe joined PSG on loan past year ahead of a £166m move to the Ligue 1 giants this summer.
"Real Madrid would like to state that it is completely false", an official statement read.