El Chiringuito de Jugones, a Spanish television show on channel La Sexta, understand an approach to bring the three-time Champions League winner back to the Bernabeu has failed, for now.
Florentino Perez made the offer after the record 13-time winners were dethroned as European champions after a 4-1 defeat by Ajax on Tuesday.
It has been a nightmare campaign in the Spanish capital, with Santiago Solari appointed to replace Julen Lopetegui who was sacked after just four-and-a-half months in charge.
Solari had eased tensions around the club but successive El Clasico defeats to Barcelona – including in the Copa del Rey semi-finals – and the humiliation by Ajax has left him on the brink.
Another former boss Jose Mourinho has been linked with a return but Real have first moved for Zidane, who left at the end of last season.
And while the 46-year-old is now interested in ending his year-long break from the game he is willing to take over in June ahead of the 2019-20 campaign.
The news is a possible blow to Chelsea's hopes of luring the ex-Juventus midfielder to Stamford Bridge.
Maurizio Sari's future remains uncertain and SunSport understand that Zidane is seen as the man to return them to the summit of the sport.
Chelsea's upcoming transfer ban is not likely to influence his decision, however his gentleman's agreement to return to Madrid might end the Blues' pursuit.
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