Italian football giants AC Milan will be the visitors to the Estadio Santiago Bernabeu on August 11.
Real Madrid has maintained the tradition of honouring their former players in the past few years.
Ronaldo, who recently moved to Serie A record champions Juventus, made 292 appearances for Real Madrid since 2009.
The Portuguese captain also helped Real Madrid bag the Spanish league title twice and Champions League title four times, since his record breaking move to the club from English football giants Manchester United.
Ronaldo was also crucial in Real Madrid's two-time Copa del Rey and identical number of times UEFA Super Cup title victory.
Ronaldo's relation with Real Madrid President Florentino Perez was however cold in the past few months -- which led to the exit of the 33-year-old from the club.