The Argentine's current deal runs to 2027.
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Spanish reporter Matteo Moretto is reporting: "It doesn't mean Simeone is leaving or that the club wants to do without him."
But it does introduce a new scenario for the future, especially if the ownership decides to rethink its sporting direction.
The key, he stressed, will be how the season unfolds and the decisions that will begin to be made in the coming months, when it comes time to plan for next season.