Real Madrid stayed within one point of La Liga leaders Barcelona with a 2-0 win at Valencia on Sunday thanks to goals from Alvaro Carreras and Kylian Mbappe.
The Frenchman is the La Liga top scorer by some distance this season, scoring 23 goals so far compared to Vedat Muriqi who has 15 in second place.
His goal at the weekend was his 82nd for the side, and as he continues to find success, the more he is compared with the best players to have donned the shirt in Madrid.
Arbeloa was asked if Mbappe should be targeting Ronaldo’s legacy at the club and admitted that he has a long way to go.
“We thought we wouldn't see anything like Cristiano, but (Mbappe) is on track. Right now he's the best player in the world, for sure.
“What Cristiano did looked like something out of this world and impossible to match, as if nobody could come close. Kylian has a long path, because Cris was here for many years.
“But Kylian has the qualities to follow his path. You never know. If anyone can do it, it's Kylian.”
Mbappe has found the net 23 times in the league, added 13 more goals in the UEFA Champions League and a further two in the Copa del Rey. He is in incredible form this season but he would have to continue such form for a few more years if a Ronaldo comparison is to be made.