Tottenham have turned down a bid for Emerson Royal from Al Nassr, talkSPORT understands.
Al Nassr are believed to have made an offer totalling £21million (€25m) for Royal but have seen their efforts rebuffed.
The Saudi side, who penned Ronaldo to a huge £173million-a-year contract in December 2022, are considering whether to up their bid or not.
But Tottenham are happy with the Brazilian and do not want to lose him after proving to be a decent squad addition under Ange Postecoglou.
After a tricky start to life in north London, Royal has since fallen behind Pedro Porro as first-choice right-back.
However, the former Barcelona star has played across a variety of positions at the back, operating at left-back and centre-back.
Postecoglou has remarked on his appreciation for Royal this season, particularly how well he trains alongside Oliver Skipp and Ben Davies.
The defender also now counts centre-back as one of his main positions, having played there a number of times due to injury problems in the squad.
The 25-year-old is also further understood to be happy at Tottenham under Postecoglou.
Al Nassr are one of several Saudi sides to be splashing the money over the past year or so.
As well as bringing in Ronaldo, they have also signed former Liverpool star Sadio Mane, ex-Manchester United defender Alex Telles and Seko Fofana.
Al Ittihad, Al Hilal and Al Ahli have also all brought in stars from European clubs including Karim Benzema, Neymar and Riyad Mahrez.
Ronaldo blazed the trail for such transfers to go ahead after his contract at United was ripped up before penning his mega-money deal at Al Nassr.
Royal, meanwhile, has made 95 appearances for Tottenham since signing in 2021 from Barcelona, where he played three LaLiga matches.
Spurs have already been busy in the January transfer window, signing former Chelsea star Timo Werner on loan and defender Radu Dragusin from Genoa.
Eric Dier has also left north London, reuniting with Harry Kane in a shock move to Bayern Munich.
Club legend Hugo Lloris departed at the end of December, joining Los Angeles FC after 11 years at Tottenham.