According to an Arabic Sports report, PSG club president Nasser Al-Khelaifi was informed after making the bid that Ronaldo would not be sold for anything less than his release clause of €1,000 million.
However, Al-Khelaifi's advisory team have moved to quash such suggestions, telling Spanish publication Marca: "It is quite untrue."
Talk of PSG's move for Ronaldo was recently prompted by reports suggesting the Portugal international was unsettled at the Bernabeu following the appointment of Rafael Benitez.
Benitez was having none of it, though, insisting a disagreement on the training pitch did not constitute a falling-out.
"My relationship with him is good," Benitez said. "When someone gets angry during a training session, but then does their job, there's no problem. It's fine."