Cristiano Ronaldo is close to agreeing a new contract with Saudi Arabian club Al-Nassr, Saudi sources have told BBC Sport.

The 40-year-old Portugal captain's deal was due to expire at the end of June, but sources indicate a two-year extension is close to being finalised.

Ronaldo posted on social media "the chapter is over" following the Riyadh club's final Saudi Pro League game of the season last month, leading to speculation he was set to leave.

Fifa president Gianni Infantino then raised the prospect of him joining a team involved at the Club World Cup after Al-Nassr's failure to qualify for the extended tournament which is being held in the United States.

Ronaldo said he had received offers from participating teams but had turned them down.

Having helped Portugal win the Uefa Nations League two weeks ago, the former Manchester United, Real Madrid and Juventus forward appears to have decided to stay in Saudi Arabia, and is said to be considering making his own sports investments in the Gulf nation.

Ronaldo joined Al-Nassr in 2023 after the termination of his deal with Manchester United.

He has scored 99 goals in 111 appearances for the Saudi club, including 35 in 41 matches last term, claiming the league's Golden Boot award for top scorer.

Earlier on Wednesday, Al-Nassr parted company with Italian manager Stefano Pioli after less than a year in charge.

The ex-AC Milan boss led them to a third-placed finish last season in the Saudi top flight, where they finished 13 points behind champions Al-Ittihad.

"Thanks for everything," Ronaldo wrote in a message on social media following news of Pioli's exit, with the 59-year-old set to take charge of former club Fiorentina.

BBC Sport has contacted Ronaldo's representatives for comment.