President Florentino Perez explained at a recent members assembly that the club will now seek to start work on the redevelopment of their home at the start of 2019, stating that the process will take three and a half years to complete.
Ronaldo, who scored over 450 goals for the La Liga heavyweights during a nine-year spell at the club sent an open letter to the Real fans stating that he wished to have a new challenge away from the Spanish club and Juventus stumped up the money to buy the striker's signature.
There was plenty of speculation surrounding Ronaldo's departure, with reports claiming it came about as Madrid were unwilling to bow to his demand for a new contract.
Yet the Madrid president recognises the impact the Ballon d'Or holder had on the club.
"During nine seasons, he has been a benchmark and his achievements will be recounted from generation to generation".
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Dozens of people, including women and children, were killed in an attack on a military parade in southwestern Iran on Saturday. We've always stood by that", Nikki Haley, the U.S. ambassador to the United Nations, told CNN .
"He is an example for all those who wear the Real Madrid shirt and those who have the dream of doing so in the future".
It's a big and expensive project that looks likely to set the club back €525 million euros but it feels like very much like a necessary investment.
"Another of our great references always is and will be Zidane".
Real Madrid have published plans for a stunning new redesign of Santiago Bernabeu that will combine the history of the stadium with modern expertise. We knew it. The most positive thing is that the team has taken the three points, has known how to suffer, you also have to do it to win a league.
Real Madrid moved top of La Liga after Marco Asensio's VAR-awarded strike proved enough to beat Espanyol.