Ronaldo signed a four-year deal with the Old Lady on Tuesday, bringing an end to his nine-year stint at the Bernabeu.
Madrid have made a £19m profit on Ronaldo from the £80m they paid Manchester United for him in 2009 and the La Liga giants are expected to reinvest the money.
According to the Sun, Madrid have drawn up a three-man shortlist of candidates to replace Ronaldo consisting of Kylian Mbappe, Neymar and Eden Hazard.
The La Liga giants released statements earlier this month to deny reports theyve agreed deals to sign Neymar and Mbappe.
Hazard has long been linked with a move to the Bernbaeu and Chelsea are said to be fearful that the Belgian will leave after the World Cup.
Hazard idolised Zinedine Zidane but the Belgian admited last week that the Frenchmans departure hasnt dampened the appeal of Madrid.
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Does Real make me dream less without Zidane?
Zidane is someone special, its true, but I think Real is everyones dream.
Zidane or no Zidane, the white jersey of Madrid is special.