It had been claimed that the Blues were preparing a record-breaking approach for the Real Madrid forward this summer.
A £150million bid was said to be in the pipeline as City's ambitious owners look to flex their financial muscles.
With the club preparing for a UEFA Champions League campaign in 2011/12, it is expected that they will be busy once the transfer market re-opens.
They have, however, moved quickly to distance themselves from a proposed approach for former Manchester United winger Ronaldo, who has spent the last two seasons in Spain.
Senior officials at Eastlands said: "Speculation linking the club with Ronaldo is ill-informed and unfounded and nothing other than mischief-making.
"Whilst there is no doubt that Ronaldo is one of the world's greatest players, he is not on the club's list of transfer targets."
Ronaldo spent six years at Old Trafford between 2003 and 2009, landing three Premier League titles, an FA Cup and a Champions League crown during that time.
Having made it clear that it was an ambition of his to turn out in the legendary all-white strip of Real, he was offloaded by United for £80million in the summer of 2009.