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Cristiano Ronaldo has finally signed a new Real Madrid contract.

The 31-year-old has inked a five-year extension to his current deal that will bind him to the Bernabeu club for the rest of his top-flight career.

Real issued a statement on Sunday, which read: "The official event for the renewal of Cristiano Ronaldo's contract will take place tomorrow, Monday 7 November at 1:30pm in the presidential box at the Santiago Bernabéu stadium.

"The Portuguese forward will extend his contract until 30 June 2021 at the event attended by club president Florentino Pérez and the player himself."

Ronaldo, who has won two Champions Leagues during his time in the Spanish capital, will become the highest-paid player at the club. His new salary, north of £500,000 per week, will leapfrog Gareth Bale's

The former Manchester United winger's extension is the final in a raft of new deals being handed out by Florentino Perez as he looks to both reward the key pillars of a side that have won two Champions League titles in three seasons and also secure their short-term future with a Fifa-imposed transfer ban coming into effect shortly.

Bale signed

to ensure he spends his prime wearing the club's world-famous white shirt.

In October, midfield duo Luka Modric and

both also renewed their ties to the 11-time European champions.

Portugal defender Pepe, whose contract runs out next summer, is understood to be in talks over an extension but recently claimed there was no movement, meaning he is free to discuss terms with other clubs from January.