Cristiano Ronaldo has reportedly accepted a suspended prison sentence to settle his tax fraud case. The Real Madrid superstar was accused by Spanish prosecutors in June last year of defrauding tax authorities of €14.8m (£12.9m).

Ronaldo denied the alleged tax evasion when he appeared in court last summer but the case has still not been settled. His initial offer was reportedly rejected last month but El Mundo claim he has accepted a prison sentence and admitted his guilt, in exchange for a reduced charge.

He will also pay a sum amounting to exactly €18.8m (£16.4m). Having had no previous convictions, Ronaldo would not serve any time in jail.

A settlement was thought to have been reached for a while but it hinged on the new government. Ronaldo admitted four charges of fraud meaning under Spanish law he wouldn’t need to face any time in jail.

El Mundo reported that Ronaldo offered around £12.9m in June last year which was rejected by the government. The latest fine covers fees from authorities, fines and commission but he can now put the issue behind him.

BOURNEMOUTH, ENGLAND – JULY 21: Cristiano Ronaldo of Real Madrid appeals to a team mate during the pre season friendly match between Bournemouth and Real Madrid at Goldsands Stadium on July 21, 2013 in Bournemouth, England, (Photo by Charlie Crowhurst/Getty Images) *** Local Caption *** Cristiano Ronaldo

Meanwhile, Real Madrid have reportedly offered the former Manchester United man a contract worth a basic £425,000-a-week plus bonuses. Ronaldo is understood to be unhappy at the club, primarily down to a lack of protection over his tax issues and the fact his salary is dwarfed by his two biggest rivals.