Ronaldo contract with Al Nassr will end in one week, precisely on June 30, so far speculation about his future is still full of questions. Al Nassr has stated to maintain him by submitting a new contract offer, but so far there has been no official news regarding this. Most likely Ronaldo will not return to Europe because he is too old. It could be that Ronaldo will remain in Saudi but choose to move to Al Nassr's rival club, anything is possible. Let's just wait, maybe in the near future we will hear the latest news regarding Ronaldo future.
Ronaldo probably will stay at Al Nassr, he feels comfortable playing at Al Nassr. There is no rumor that he will join a new team, so Al Nassr management won't be afraid about the chance to extend his contract. As far as I know Ronaldo also has said to stay because he still has an intention to lead Al Nassr winning trophies. There will be no chance that he will move the the rival of Al Nassr, Ronaldo isn't a typical of player who easily moves to the rival of his current team. This never happens in Ronaldo's career as a professional footballer. Sooner or later, I am very sure we will hear the news from Al Nassr official channels that they get an agreement for Ronaldo's extension.