
Reports last month had claimed that Ronaldo could have earned £400,000 a week by making a world record £150million move to Eastlands.
City's interest came following reports in Spain that the former Manchester United winger had fallen out with Mourinho after a training ground bust-up.
But the Portugal international has revealed that the 'Special One' is the reason he is staying at the Bernabeu next season.
"I think if I went from Spain it would be to the Premier League - but not now," Ronaldo told the Sunday Mirror.
"First we have to win the Champions League. If I went back to the Premier League it would have to be with a club in the north west. I don't like London.
"It's flattering to be offered like £20million a year - it's very good, but I spoke to my agent and I think it's better to stay in Madrid because this year we're going to be the best. This season we are going to be a big force.
"Jose Mourinho is staying at Madrid so I stay. If he went to Chelsea then I would have left. I would have gone to Manchester City. But now he's staying, I'm staying."
The Portugal international has four years remaining on his contract with Los Blancos.
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