The Atletico Madrid and France striker is up for UEFA's Best Player award alongside Real Madrid pair Ronaldo and Gareth Bale, with the victor being announced ahead of Thursday's Champions League draw.
La Liga powerhouse Real Madrid reportedly handed James Rodriguez a nine-day ultimatum to accept a backup role with the club or else leave with English Premier League giants Chelsea and Arsenal rumored to be on high alert after learning of the said development.
Ronaldo was favourite for the award having led Real Madrid to their 11th Champions League win in 2015-16, scoring the winning penalty in a dramatic shootout against rivals Atletico Madrid.
Bale's recent performances for Wales in the recently concluded Euro 2016 was commendable as he was easily Wales best player by miles scoring two of the best free kicks in the tournament before losing out to Ronaldo's Portugal in the semi-finals.
This is the second time that the Portuguese captain has won the award, tying him with the Argentine Messi as the only two players to have had the honour of winning the award twice.
After a hard first year following a big money move from Tottenham Hotspur in 2012, the Croatia global has gone on to become one of the most integral parts of Real Madrid's success over the past four seasons.
Before travelling to Monaco, Ronaldo continued his specific training plan to return in the best possible condition after the La Liga break for global matches.
Asked whether last season was the best of his trophy-laden career, Ronaldo replied: "In terms of collective, probably yes". The Welshman contributed 20 goals and 13 assists during the season in 2015/16 for Real. "But he will win for sure one day - I hope so".
Ronaldo is also thought to have agreed a new deal, which will be officially confirmed next month.
"To have the Champions League final in my home town is an even bigger motivation", he said. "He's a great professional, a great person and, in my opinion, his biggest quality is his ability to give his players a sense of calm". "Now we want to look to the next one".
"Unfortunately, we didn't win a trophy and it was a blow for us, as well for our fans".