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.
People are sleeping on how much leverage Ronaldo actually has. Yeah, he is comfortable, but do not let the “no transfer rumor” headlines fool you. Al Nassr basically built their whole modern identity around CR7. After he arrived, their social media exploded from 5.2 million to over 57.5 million. And that is not just “shirt sales” talk. It is the core of their commercial power in Saudi football
Ronaldo is using that power to force the club to change, not just for himself, but to build a team that can actually win something. The whole CEO got sacked, direct result of Ronaldo’s demands after another trophyless season. Pioli’s probably out next. And do not forget, the first contract offer was a 52% pay cut plus club shares. Ronaldo said “nope”, and now the new deal looks to keep his current €200M a year salary. Al Nassr needs him way more than he needs them, which is why the club keeps making big moves to please him (like chasing top names from Europe, and making record-breaking transfer bids)
You’re spot on that he’s not moving to a rival (he never does that, check his whole history), but the real fear for Al Nassr is not him joining Al Hilal or whoever. It’s losing the entire Ronaldo project and the global relevance he brings. So renewal is coming, but only because Ronaldo forced the club to bend over backwards for him