Real Madrid were offered about £250m by an unnamed Chinese club , says his agent Jorge Mendes.
He said the 31-year-old Portugal captain had no interest in the deal, which included an £85m annual salary.
Ronaldo said he could play for another 10 years in November after signing a new deal with Madrid until June 2021.
“The Chinese market is a new market. They can buy a lot of players, but it is impossible to go for Ronaldo,” said Mendes.
“Cristiano is the best player in the world and best ever. It is normal to have some offers,” added the Portuguese.
Under the offer claimed by Mendes, Ronaldo would have earned £1.6m a week in a deal worth almost treble the world-record transfer fee of £89m paid by Manchester United to Juventus for midfielder Paul Pogba.
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Mendes told Sky Italia: “From China, they’ve offered 300m euros (Cristiano Ronaldo£257m) to Real Madrid and more than 100m euros per year to the player.
“But money is not everything. The Spanish club [Real] is his life.”
It comes after Shanghai Shenhua confirmed on Thursday they had signed former Manchester City striker Carlos Tevez from Boca Juniors.
Shanghai, coached by ex-Brighton boss Gus Poyet, are reported to have agreed a deal worth £40m for Tevez, including a salary in excess of £310,000 a week.