Ronaldo is being tipped to return to Manchester United with the 32-year-old toiling for Real Madrid.
But Mourinho has ruled out a move for the Portugal international.
“I think with the moment Real Madrid is having now I think I should be the last one to add some fuel to the fire,” he said.
“Madrid is on fire, the results are not good and it’s a club where I worked three years, I cared about the club, I am the last one to add [to the] fire.
“To put some water on the fire, I would say Cristiano is the kind of player that everyone wants, but only one manager can have and only one club can have – Zidane and Real Madrid. That’s my feeling.”
Ronaldo is said to be unhappy at Real for their refusal to give to give him a new contract.
And, speaking in midweek, Sky Sports’ Guillem Balague said the Portugal international had “put the word out” about a move away.
“So could he re-join Manchester United? His people have put the word out about a possible return.
“But the reality is that United do not want to get involved.
“That’s mostly because of Ronaldo’s age. He will turn 33 in February and his best days are clearly behind him.
“So it is difficult to justify the huge sums that would be involved in the deal.
“Of course, there is a romantic pull to having him back at Old Trafford, but the truth is that he does not fit the profile of a squad with an average age of just 26.
“Of the other big clubs in Europe, only PSG could afford him with the figures his representatives would demand.”