Cristiano Ronaldo and Al-Hilal became a saga, every few weeks we hear something.
Until now, one sure thing is that CR7 will not extend his contract with Al-Nassr. We heard that he wants to play the World Club Cup so he has to find a club that accepts him and at the same time see Al-Nassr unleashing hims earlier than the end of June. I read about Monterrey with Ramos, or Brazilian teams since I doubt any European team will accept recruiting him. Obviously this will not be permanent and he might return again to Saudi Pro League.
If he is willing to accept a salary that is not too big then there is a possibility that a European team will sign him, but if he asks for a high fee it will certainly be quite difficult for a team in Europe to re-sign him. Several teams that will compete in the Club World Cup have a short-term interest in signing Ronaldo such as PSG and Real Madrid, but this is still just speculation because Al Nassr themselves are trying to approach him for a contract extension. One of the Brazilian teams has also been linked with Ronaldo but so far there is no clarity regarding his future next season.