Ronaldo's move to Juventus could have far-reaching consequences on the football transfer market.
Cristiano Ronaldo will play at Juventus next season.
Though Juventus didn't confirm the transfer until later in the day, the five-time Ballon d'Or victor said his farewells to Madrid in a letter published on the LaLiga club's website.
Ronaldo thanked Real Madrid for making his time at the club "possibly the happiest of my life", but added that he felt it was the right decision to move on.
"I only have feelings of enormous gratitude for this club, for this sport and for this city".
New Juventus signing Emre Can was asked about the possibility of playing with the five time World Player of the Year during his presentation to the Turin club on Monday. That's the way I feel, and I ask everyone, most especially our followers, to please understand me.
Ronaldo, 33, is said to be ready to accept an eye-watering £26.5million-a-year deal after the deal was floated during a recent meeting between Ronaldo's agent, Jorge Mendes, and Juve chiefs Fabio Paretic and Beppe Marotta.
Juventus confirmed that Ronaldo had signed a four-year contract and that the transfer fee, including €12 million in add-ons, would be paid over two years, with Spanish media reporting he would receive a salary of €30 million a season.
Ronaldo finishes his Real Madrid tenure as the club's best player all time, scoring 451 goals in 438 matches and winning 16 titles, four of which were Champions Leagues.
Ronaldo is comfortably the UEFA Champions League's all-time leading scorer, his 120 total a full 20 clear of second-placed Lionel Messi. Meanwhile, Ronaldo's former club Manchester United are also reportedly set to benefit financially from Ronaldo's transfer to Juventus.
Ronaldo, however, soured the celebrations immediately after the 3-1 win over Liverpool in the final in Kiev by indicating he had chose to leave, saying in a post-match interview "It was lovely to play for Real Madrid".
Judging by Ronaldo's World Cup antics, an era to be reckoned may be on the verge of beginning in Italy.
While the signing presents a huge financial outlay for I Bianconeri, it also presents a huge marketing and sporting opportunity for the club and its parent company: Exor holding company. And also, on an individual level, I have the satisfaction of having won 4 Ballon d'Ors and 3 Golden Boots. Ronaldo scored four goals in his four games at the tournament.
"I have reflected a lot and I know that the time has come for a new cycle", he continued.