"If he is still strong, athletically and mentally, and we believe he can play well with (striker) Adriano, we will think about it," Moratti said.
The Brazilian international has been linked with a move away from the Santiago Bernabeu after he admitted that he considers his future due to the bad treatment he receives by Real fans.
Ronaldo is currently an unpopular figure among Inter fans after he opted not to stay at the Giuseppe Meazza in 2002, favoring a move to Spanish giants Real Madrid.
Moratti revealed he has no personal problems with the three-time world player of the year.
"It's a practical and sporting question, not an emotional one. Besides, I'm not a man that holds a grudge and I've always liked Ronaldo personally. I've never forgotten the past," he said.
"He was enormously successful as an image for our club. With him on the pitch we won the Uefa Cup and twice came close to winning the Serie A title," he added.
The Nerazzurri could face a stiff competition from arch-rivals AC Milan on the 29-year-old's signature as their vice-president Adriano Galliani previously expressed his interest in the prolific striker.