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Pepe has said he will hold talks with Real Madrid President Florentino Perez over his future, but admitted he loves the club and will honour the contract.
The Portugal international has generated interest from EPL club Manchester City, who are looking to sign the centre back.
With Sergio Ramos and Raphael Varane expected to be the club’s first-choice centre-backs, Pepe believes he will not get enough matches at the Bernabeu next season.
Speaking after Madrid’s 2-1 win over Everton in a pre-season friendly, the Portuguese international admitted he is not certain about his future remains in Spain.
According to ESPN, the defender said: “I’m a professional, they left a lot of things unsaid at the end of last season but I have a contract to fulfil.
“I’m talking to the president of Madrid and my representatives to see what will happen. I have a contract, I love the club and I have great affection for the people.”
Pepe joined Real Madrid from Porto in 2007 and since then has made 199 appearances for the club.
City has lost one central defender this summer when Kolo Toure joined Liverpool, while Matija Nastasic picked up an injury while playing in the Barclays Asia Trophy last month.
