"The club will sit down and discuss what course we are going to take for next season," Real director general Jorge Valdano told Spanish television.
"Today isn't the right moment to be taking decisions. We have a lot of time in front of us and we'll see what course we take," he responded when asked about Pellegrini's future.
NEWS:Barca retain La Liga title
Barcelona hammered Real Valladolid 4-0 at home, but Real were unable to keep the pressure on them on the final day of the season, as they were held 1-1 at Malaga.
Valdano's careful replies followed complaints from Pellegrini on Saturday that no-one from Real Madrid had come out to dismiss rumours surrounding his future.
Spanish media has been full of speculation that Real are interested in landing Inter Milan coach Jose Mourinho for next season.
"I won't get involved in this," Valdano said when asked about the Portuguese coach. "Mourinho has his battles to fight and we have to continue independent of opinions and other people's comments."
Pellegrini had a haunted look about him when he spoke to reporters at the Rosaleda, when he defended a trophyless campaign with a squad that had had 250 million euros spent on it last summer.
"I'm not the one to evaluate my own position," the Chilean said. "I have a contract for one more year. If they ask me I will say the bases are there for next year and the results prove that.
"At best, in the future people will recognise what we have achieved, and they'll see it isn't easy to get the figures we have in the face of a great Barcelona side, though we still have work to do to cut out errors, and to close the gap on them."
