Following Real's 4-3 aggregate defeat by Borussia Dortmund, the former Chelsea manager was asked if he would remain in Madrid next term and he told ITV Sport: "Maybe not. I don't know but I want to be where people love me to be."
Real came within a whisker of pulling off a remarkable comeback after losing their semi-final first leg 4-1 away to Dortmund last week but came up just short with a 2-0 win at the Bernabeu to go out of the competition.
A third exit in succession at the last-four stage prompted further questions on Mourinho's future at Real.
The former boss of Porto and Inter Milan, who won the Champions League with both clubs, has been surrounded by rumours he might leave Madrid after this campaign with England his most likely destination despite having a contract until 2016.
"I know I am loved in England, I am loved by the fans and the media," Mourinho told a news conference.
"They treat me fairly. They give me credit when it is due and criticise when it is deserved.
"I am loved by some clubs, especially one," he added referring to Chelsea. "In Spain it is different, some people hate me, many of you in this room.
"It is a difficult decision. I like the club [Real] the president, we have a good team. I need to be honest and fair.
"We will sit down and talk at the end of the season."
Mourinho also lashed out at English referee Howard Webb, saying the official should have dismissed Dortmund's Mats Hummels for handball in the second half and accusing him of not doing so to allow the defender to play in next month's final.
"It's incredible and I continue to say the same that he is a fantastic referee," Mourinho told Spanish television.
"But it's incredible that he didn't give Hummels a red card," added the outspoken Portuguese, who is a regular critic of match officials and has clashed several times with football authorities.
"I have spoken to him [Webb] already and he didn't give Mats Hummels a red card so that Mats Hummels can play in the final," he added of the official he knows well from his Chelsea days.
"There were 18 minutes left in the match. I come to the conclusion that in the end Webb is as good a referee as he is a person, with a big heart.
"Because he let a player off a red card to the detriment of the other team."
Dortmund will play Bayern Munich or Barcelona, who meet on Wednesday with the Bundesliga champions holding a 4-0 advantage from the first leg, in the May 25 final at Wembley Stadium.
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