The former Manchester United team-mates are rumoured to be poised to sign deals to take part in a high-pressure skills contest at London's O2 Arena after the World Cup.
f England and Portugal avoid each other in the knock-out stages, the skills contest in London will be the first time Ronaldo and Rooney have competed against each other since Ronaldo quit United for Real Madrid at the end of last season.
The star-studded line-up for the A:3K Football event on July 17 also includes Steven Gerrard, Didier Drogba, Cesc Fabregas and £50m-rated Spain striker David Villa.
The players will compete head-to-head in a series of challenges. One that is bound to capture the public imagination will involve them trying to hit a target with a free-kick.
The challenges, which have been devised by a group of people including David Beckham's highly-respected former manager, Terry Byrne, will revolve around power, control and accuracy.
"Steven Gerrard, Didier Drogba, Cesc Fabregas and David Villa are already signed up. I can't confirm the identity of the last two players but we know we are working with the best in the world."