Former Real Madrid president Ramon Calderon has claimed that Zinedine Zidane has rejected the chance to return to the club for a second spell in charge.
Zidane managed the Spanish giants for two-and-a-half seasons prior to his departure last May, five days after winning a third straight Champions League crown.
The Frenchman became the first manager to win three European Cups in a row when Gareth Bale struck twice in last season's final against Liverpool, but he has not managed since.
Real have endured their worst season in a decade under Zidane's successors Julen Lopetegui and Santiago Solari, meanwhile, with the latter expected to be axed in the coming weeks, just four months after taking over from Lopetegui.
Zidane has been touted as a possible option for Los Blancos, but Calderon insists that he has already said no to president Florentino Perez, though that stance may change later this year.
"I know that this morning the president called Zidane to ask him back, he said not now," Calderon told BBC Sport. "He has left open the possibility of coming back in June."
Liverpool manager Jurgen Klopp is reportedly Perez's preferred choice to take over ahead of next season.
