Pepe is discussing his future with Real Madrid amid talk he could be on his way out of the Bernabeu.
Speculative reports have suggested new Manchester City boss Manuel Pellegrini might try sign Pepe, having coached the defender during his time in charge of the Spanish giants.
Pellegrini declined to comment when asked about the 30-year-old on City's recent pre-season visit to Hong Kong, while Real supremo Florentino Perez last month claimed Pepe was not for sale.
Pepe, for his part, remains guarded over his plans although he reiterated his affection for Los Blancos.
"I'm a professional. They left a lot of things at the end of last season but I have a contract to fulfil," Pepe said after Real's pre-season friendly with Everton in Los Angeles,
"I'm talking to the president of Madrid and my representatives to see what will happen."