Ronaldo faces competition from five-time winner Lionel Messi and Luis Suarez of Barcelona, Madrid team-mate Gareth Bale and Atletico Madrid's Antoine Griezmann in his bid to claim the title of the world's best footballer.
Ronaldo played a leading role in Real Madrid's rise to an 11th Champions League trophy with a win over Atletico Madrid in May before helping Portugal clinch their first major trophy at Euro 2016 in July.
"My goal is to win the Ballon d'Or every year and I didn't last time," said Ronaldo.
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Cristiano Ronaldo gives the thumbs up at the 2014 Ballon d'Or ceremony

Image credit: Reuters

"I hope to win it this time around.
It makes sense (being favourite for the title) but I don't believe it to be key. This year Madrid have been impressive, we were dead halfway through the season but woke up and we did something similar with Portugal at Euro 2016.
"That shows that football is a marathon, not a sprint. It's about who wins at the end."
Madrid coach Zinedine Zidane has already backed Ronaldo for the trophy after his stunning hat-trick in a 3-0 victory over Atleti on Saturday evening.
He has scored 49 goals and contributed 17 assists in 52 appearances for club and country this year.
[MATCH REPORT: Ronaldo hits hat-trick as Real Madrid stun Atletico]
"I don’t know if it was the best, but it was a huge game away to tough opponents, we read the game very well and we went in strongly," said
"I’m happy with what we did, it’s not easy and there will be few teams that win here 0-3.
"Ronaldo near the Golden Ball? I never had any doubts that Cristiano was the best and now he has closed the debate."

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