The 41-year-old Brazilian is said to have been diagnosed with the illness, after being rushed to Can Misses Hospital on the island.
According to reports, Ronaldo, who was on holiday in Ibiza, remains in intensive care and but has been "evolving favourably".
He tweeted: "Guys, I had a bad case of influenza here in Ibiza, I was hospitalised on Friday, but everything is under control!" Tomorrow I'll be discharged and I'll go home! "Thank you all for the messages and affection!"
Brazilian World Cup victor and legendary striker Ronaldo has been admitted to an intensive care unit with pneumonia while on vacation in Ibiza, according to local reports.
The two-time World Cup champion reportedly asked for a transfer to a private health facility identified as Clinica Nuestra Señora del Rosario later that night before being taken to intensive care.
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At club level, he spent time with Barcelona, Real Madrid, AC Milan and Inter Milan.
Ronaldo finished his career with an impressive 414 goals, 62 of which came in just 98 appearances for the Brazilian national side.
Ronaldo is widely regarded as one of the best football players. Two of those were the only ones that Brazil scored against Germany in the 2002 World Cup final.
During his glittering career Ronaldo won the FIFA World Player of the Year award three times, in 1996, 1997, and 2002.