Florentino Pérez and Cristiano Ronaldo officially announced that the Portuguese player has signed a new contract at Real Madrid.

"Cristiano will play for Real Madrid for the next five years", said Florentino Pérez. "He is, and he will be, forever a 'Madridista' [Real Madrid fan]", assured the Los Blancos president.

"It is a privilege for me to continue at this club. I'm very happy. It's a very special day for me", added Cristiano Ronaldo, who wanted to thank "the fans". "It's because of them that I'm here".

Asked about the salary he will get, Ronaldo told the press: "That's not the most important thing. Money is important but it was never a priority. I don't care if I'm the first or the third [highest paid player]. I just feel fine".

His previous contract ran until June 2015, while the new deal has extended the Portuguese forward's term until 2018. Cristiano will be 33 years old by then.

Cristiano's future was the subject of much speculation during this summer. Manchester United and Paris Saint-Germain (PSG) were both said to be considering a move for the Real Madrid star.

"Manchester is the past. Now this is my home", said Ronaldo when asked about his former club.

The announcement was made at 13:45 (local time) in the VIP box at the Santiago Bernabéu stadium. This renewal is expected to make Ronaldo the highest-paid player in Spanish football, although his new salary is not yet known.