Madrid are expected to spend big at the end of the season after failing to match Barcelona in La Liga this term.
Indeed, Los Blancos are currently 17 points off their Clasico rivals in Spain's top flight, and there have been question marks surrounding the future of Karim Benzema, who has managed just three league goals this season.
According to Don Balon, Ronaldo has given his blessing for Real to pursue Kane as speculation surrounding the future of the 24-year-old continues to gather pace.
Kane recently scored his 100th Premier League goal for Tottenham, while the England forward has 34 goals in 35 appearances for his club this season - including seven in six Champions League fixtures.
Tottenham are believed to value Kane in excess of £150m, and it was reported last month that Real Madrid were prepared to spend as much as £200m to secure the services of the in-form striker.