Real Madrid are reluctant to offer Portugal international defender Pepe fresh terms at Santiago Bernabeu, according to AS.
The Brazil-born centre-back is due to become a free agent next summer, with his current deal running down.
He is looking for a two-year contract extension in the Spanish capital, but will be 34 by the time the current campaign comes to a close.
Real are ready to explore other options, which could open the door in January for those clubs to have been linked with Pepe in recent weeks – including Chelsea, Manchester United and Juventus.
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