United announced last week that Ronaldo, 37, had been released with immediate effect.
The decision comes after Ronaldo, one of the greatest players of all time, gave a controversial interview to Piers Morgan in which he criticised Manchester United and said he had ‘no respect’ for Erik ten Hag.
Ronaldo completed a sensational return to Old Trafford in the summer of 2021 and scored 24 goals in 38 appearances last season.
Manchester United will look to replace Ronaldo when the January transfer window opens and Scholes has named Cody Gakpo and Christopher Nkunku as two possible targets.
United are one of a number of clubs who have expressed interest in signing PSV star Gakpo, who has scored 16 goals this season, including three in three games for Netherlands at the Qatar World Cup.
RB Leipzig and France forward Nkunku, meanwhile, has been strongly linked with a move to Manchester United’s Premier League rivals Chelsea.
‘The lad at PSV – Gakpo – is doing really well for Netherlands at the World Cup and I think Ten Hag has been really interested in him before.
‘There’s players out there for sure. January can be a tough window to do business but I hope we can do something and bring in a new centre forward.’
Ronaldo wanted to leave Manchester United last summer after the club failed to qualify for this season’s Champions League.
The Portuguese legend did not get his way and has endured a turbulent few months at Old Trafford, culminating in an explosive interview with TalkTV presenter Morgan.
Discussing Ronaldo’s departure, Scholes added: ‘It was probably the right time. I think we could have come to the decision without so much stress.
‘But you’re talking about the biggest club in the world and probably the biggest player ever so there’s always going to be that spotlight on them both.
‘We look back now and it’s best for both parties. Ten Hag will be happy, it gives him that bit of breathing space now because he hasn’t got that superstar he has to deal with and he concentrate on the players he’s got.’