Moratti said his club's relationship with Mourinho was all but over following dinner between the pair on Monday but the Champions League and treble winners are not giving up the Portuguese easily.
Reports have said Inter want around 16 million euros in compensation from Real if they move for Mourinho given his deal finishes in 2012.
"No, what do you mean it's done, it's the opposite. We haven't even started," Moratti told reporters before being asked if Wednesday would be the decisive day.
"No, it will take a bit of time."
Some Inter fans are upset with Mourinho for the timing of his comments wishing to leave amidst their stunning treble success and feel he has stolen the limelight from the team.
The club president had been quoted in the media as saying he had been "taken for a ride" by Mourinho but Moratti firmly denied saying any such thing.
"He achieved all the objectives he had to achieve. The annoying part will be now, the pain of finding someone new," he said, adding there was no particular name in the frame.
Fulham's ex-Inter boss Roy Hodgson, Liverpool coach Rafa Benitez and former Inter assistant coach Sinisa Mihajlovic, who surprisingly quit Catania on Monday, have all been linked with the Serie A champions.
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