Real Madrid sporting director Pedja Mijatovic has told David Beckham to make a decision about his future.
Beckham is still wanted by Real
The 31-year-old's existing deal at the Bernabeu expires in June and the former England captain is now free to negotiate with other clubs.
Mijatovic was quoted as saying on Real's website: "Next week we will deal with this matter.
"He wanted some time to think about it but we are in a situation where we lack time and we have to react now."
Beckham has found his opportunities limited at Real this season under coach Fabio Capello but the Spaniards are nevertheless keen to retain his services.
"Several months ago we presented an offer to renew his contract because of his importance - not only from a sporting sense but from an image one," added Mijatovic.
Clubs in England, Spain, France, Italy and the US have been linked with the former Manchester United midfielder.
Last week Beckham's spokesman Simon Oliveira told BBC Sport there was no chance that Beckham would leave the Bernabeu during the January transfer window.
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