According to emerging reports, the deal will be an increase on the US$ 17.5 million per year Ronaldo previously banked from the Oregon-based firm.
"I have a great relationship with this brand, I have great friends here in the company. We work as a family, too. This is my brand", Ronaldo said in a statement released Tuesday by the company.
The 31-year old is currently the favourite for this year’s Fifa Player of the Year Award, having won both the Uefa Champions League with Real Madrid and Uefa Euro 2016 with Portugal this year.
In 2008, he won his first Ballon d'Or and FIFA World Player of the Year awards. He then won the FIFA Ballon d'Or in 2013 and 2014. In 2015, Ronaldo scored his 500th senior career goal for club and country.