Published 23/11/2016 at 16:56 GMT | Updated 23/11/2016 at 17:26 GMT
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.
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.