The Manchester United soccer star, 24, drives the student home to her halls in his Bentley Continental after nights out, according to The Sun.
The pair apparently met when she was working as a promotions girl in a nightclub. Saunders, who is studying Management and Leisure at Manchester University, went on a date with the Portuguese player at the Cloud 23 bar.
"Liv's a stunning girl and he couldn't keep his eyes off her," said a witness. "They've been on a couple of dates since and keep in touch via texts. Ronaldo may have all the money and status, but he'd be lucky to land a girl like Liv. She's ambitious, intelligent, beautiful - not your typical WAG type."
Ronaldo has previously been romantically linked to Gemma Atkinson, Merche Romero and Neredia Gallardo.