The 33-year-old, who has been linked with a return to Juventus after enduing a difficult 2006-07 campaign in Spain, still has two years left on his contract at the Santiago Bernabeu.
"The offer was there, but we postponed everything because of Real Madrid's wishes," said Gaetano Fedele.
"They have won a championship and hence I don't think there is a possibility he will leave Madrid.
"I reiterate it's highly unlikely that Fabio will leave Real Madrid, at least during this year.
"From what I have read, Madrid coach Bernd Schuster has been clear in saying that Fabio is untouchable.
"Fabio is in Madrid where he has adapted very well. Let's not forget that Madrid are the most prestigious club in the world.
"Fabio's wish is to win the Champions League and the only team that can let him do that is Real Madrid."