The Real Madrid striker was responding to Atletico Madrid player Koke who allegedly called him “a fag*ot”.
Spanish radio revealed the exchanged occurred during Saturday’s derby between the two teams where Real Madrid won three-nil thanks to a hat-trick scored by Ronaldo.
Koke refused to comment on the alleged discussion after the game.
Ronaldo was given a yellow card for his part in the altercation and had not received one in any of the previous 12 meetings with Atletico Madrid.
The Portuguese player has continually refused to comment on speculations about his sexuality.
Last year, he denied rumours that his relationship with a close friend was, in fact, a same-sex romance.