The astonishing figure equates to net earnings of  $710,000 a week.

To put that in perspective, the total yearly earnings for AFL and NRL players combined is $200 million.

The deal will make him the highest paid footballer in the world.

Lionel Messi earns an estimated wage of $650,000 net a week at Barcelona.

Ronaldo is set to announce his signing at a press conference this week.