According to Romano, the five-time Ballon d'Or victor will sign a four-year deal with the Serie A champions, during which he will earn €30 million (R470 million) a season.
La Gazzetta said that Ronaldo's agent Jorge Mendes is expected in Madrid on Tuesday when Real directors are scheduled to meet.
Real Madrid did not confirm the financial details, while Juventus have yet to issue a statement about the transfer.
The five-time Ballon d'Or victor has been Real for nine seasons after joining from Manchester United for a then world-record fee of £80m.
Green Day's 'American Idiot' climbs British charts ahead of Donald Trump visit
Despite attempts to use the song to spite President Trump, " American Idiot " is actually inspired by former president George W. Bush and the Iraq War, and features lyrics criticizing the media - one of President Trump's most famous enemies.
George Clooney reportedly injured after motorbike crash in Sardinia
George Clooney has been injured after a motorcyle he was riding collided with a pickup truck in Sardinia, Italian media reports. Private Mediaset, citing gossip magazine Chi, said the accident occurred near Costa Corallina, in the province of Olbia.
Former Arsenal player Emmanuel Eboue released on bail following arson claims
A spokesman later added: 'He has since been released with no further action in respect of the arson allegation. Friends are understood to be concerned for the former full-back's mental and emotional state.
Real Madrid Stats: Highest goalscorer in Real Madrid history, with 451 goals in 438 games.
"Beyond the titles he won during these nine years, Cristiano Ronaldo has also been an example of dedication, work, responsibility, talent and constant improvement".
At his unveiling on Monday, new Juventus signing Emre Can said it would be "great" to play with Ronaldo. Ronaldo 33, is now set to sign with Serie A champions Juventus.
FILE - In this September 23, 2014 file photo Real's Cristiano Ronaldo holds the ball as he celebrates his four goals during a Spanish La Liga soccer match between Real Madrid and Elche at the Santiago Bernabeu stadium in Madrid, Spain. I feel that way and I ask everyone, and especially our fans, to please understand me. Individually, 4 Ballons d'Or, 2 The Best and 3 Golden Shoes. Many point the finger at club president Florentino Perez - who is said to have fallen out with the Madrid talisman over a pay dispute.
"Thanks to all and, of course, as I said back that first time in our stadium nine years ago: Hala Madrid!"