Pepe is weighing up his options at Real Madrid in the final month of the summer market.
The Portugal defender has seen Real drag their heels over opening negotiations regarding a new contract. Pepe's current deal has less than six months to run.
The defender has also seen Sergio Ramos' apparent U-turn over an on-off move to Manchester United and Real Madrid sign young defender Jesus Vallejo from Real Zaragoza.
Sport says Pepe fears he's set to be squeezed out and is now considering all options.
Real directors, meanwhile, are open to selling the 32 year-old before the transfer window closes early next month.