Chelsea's buying power under the ownership of Russian billionaire Roman Abramovich is a concern for Real Madrid, Brazilian striker Ronaldo said on Friday.
Ronaldo was fined by Real for making an unauthorised trip to London earlier this month and arriving back late for training.
The player has categorically denied newspaper speculation that the trip might have had something to do with interest from Chelsea but he recognises why the story caused disquiet at Real.
"I'm very happy here at Real Madrid and the stories are all just rumours," Ronaldo was quoted as saying in an interview with Cadena Cope radio in Spain.
"Real haven't asked me to explain the trip because it was just to have some [publicity] photos taken ... [but] with the Russian guy [Abramovich] wanting to sign everyone they're scared."
Chelsea signed Claude Makelele from Real Madrid just before the start of the season but Ronaldo said he has no plans to join the French midfielder in London.
"Abramovich has never called me," he said. "If they are interested, it's always nice to be appreciated."
Ronaldo is Real's top scorer this season with 15 league goals.
