Casillas revealed earlier this year that he would be willing to challenge Luis Rubiales in the elections.
However, as Onda Cero are reporting, Casillas has decided not to run for president on this occasion.
Towards the start of the coronavirus pandemic, the Spaniard said that it wasn't the time to be talking about elections.
Casillas doesn't think he has the time to build enough of a supportive team in order to challenge Rubiales.
The elections, should there be opposing candidates to Rubiales' push for a second term, could be held as early as August 17.