Leonardo made the revelation during the unveiling of Carlo Ancelotti as new coach.
"[Beckham] is in LA, he has his family over there," Leonardo said. "We have talked a lot and we are still talking, but I'm not sure it will be done.
"We have a very good rapport with David Beckham, but we never said it was a done deal," Leonardo added. "We have studied it and we are studying it. It's always been a question of personal matters [with Beckham] rather than contract issues."