Florentino Perez is keen to assemble a spectacular squad after being re-elected as president at the Santiago Bernabeu on Monday.
It has been reported in Spain that a pre-agreement is in place for Real to bring in the Manchester United winger this summer.
Real dismissed the speculation last month, while United and Ronaldo himself remain adamant that he will be staying at Old Trafford.
Valdano, brought in to join Perez's new team, admits he is in the dark about a possible deal.
"I still don't know," he told Cadena Ser radio on Monday.
"I don't know if Florentino, who arrived at the Bernabeu this afternoon, had any physical contact with any contract that is said to exist.
"I still haven't seen it."