According to the Mirror, the soft drink giant offered sincere and profound apologies to the football star.
The picture was posted on Pepsi's official Facebook page in Sweden on the day the Swedes took on Ronaldo's Portugal in a crucial World Cup qualifier, the report said.
The toy doll was wearing Portugal's red strip and Ronaldo's number 7, accompanied by the caption 'We're going to pass over Portugal', the report added.
Another photo showed the doll Ronaldo's head crushed by a Pepsi can and a third showed it full of voodoo needles, the report further said.
Thousands of furious Portuguese fans had threatened to boycott the drink, according to the report.
Ronaldo, 28, had the last laugh as he scored a hat trick in his side's 3-2 victory over Sweden on Tuesday night to ensure Portugal's place in Brazil next summer, the report mentioned. (ANI )