Real Madrid want former England captain David Beckham to make a quick decision on his future so they can plan for next season.
"A few months ago we presented an offer to extend his contract that reflected his importance as a football player and as a marketing image," Real sports director Predrag Mijatovic told radio station Cadena Ser on Tuesday.
"He asked for time to think about it, but we are in a situation where we don't have time. We have to decide now."
"Next week we will address the issue."
Real have offered the 31-year-old midfielder a two-year extension to his current deal, which ends in June.
Beckham's spokesman Simon Oliveira said last week that they expected to have made a decision by March.
As of January 1 Beckham has been free to talk to other clubs with teams in England, Italy and the United States reportedly interested in signing him.