Pepe is edging closer to the exit door at Real Madrid.
AS says there's now a growing belief inside Real that the defender will not sign a new deal.
Pepe has massive offers from China for 2017, while he is also interesting Premier League clubs, including Manchester United and Chelsea.
"It's difficult, Pepe can earn in two years what he couldn't here in four," admitted one Real insider.
The 33 year-old defender's current deal expires in June.