It's believed the 35-year-old, who helped Brazil win the World Cup in 2002, is planning on making a bid for the popular magazine.
Sources close to the star told Brazil's Extra newspaper he sees the soft-porn publication - Brazil's tenth best-selling magazine - as a lucrative business opportunity.
Business venture: Ronaldo is keen to buy the Brazilian Playboy franchise
Las Vegas: Ronaldo enjoyed a pool party with Lionel Messi and other friends at the Encore Hotel and Casino earlier this month
Friends of Ronaldo - who is nicknamed The Phenomenon in Brazil - believes his 'midas touch' will help rejuvenate the magazine
The Samba star retired in 2011 having scored a record 15 goals in World Cups and since then his shrewd investments and endorsement deals have made him a billionaire, according to estimates.
Former Inter Milan and Real Madrid striker Ronaldo receives around £10 million a year from sponsors including Nike, Fiat and Duracell, while a spokemsan confirmed his company 9INE is set to make £15 million in 2014.
He also has a chain of gyms, a sports health clinic and a six-storey building which houses a Rio de Janeiro university, as well as a nightclub in Rio's most affluent neighbourhood, Leblon.
If that isn't enough, he owns millions of pounds worth of real estate too, including apartments in Rio, Sao Paulo, Paris and Madrid, and his own private island off the Rio de Janeiro coast.
Ronaldo wouldn't be the first Brazil icon to involve himself with the global sex industry.
Pele headed a men's health campaign about erection problems and advertised Viagra while Ronaldinho recently put his signature to a new line of condoms
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