In this work, the required algebra to employ the resolution of the identity approximation within the Piris Natural Orbital Functional (PNOF) is developed, leading to an implementation named DoNOF-RI. The arithmetic scaling is reduced from fifth-order to fourth-order, and the memory scaling is reduced from fourth-order to third-order, allowing significant computational time savings. After the DoNOF-RI calculation has fully converged, a restart with four-center electron repulsion integrals can be performed to remove the effect of the auxiliary basis set incompleteness, quickly converging to the exact result. The proposed approach has been tested on cycloalkanes and other molecules of general interest to study the numerical results, as well as the speed-ups achieved by PNOF7-RI when compared with PNOF7.