"It's impossible, impossible," Mourinho told reporters on Wednesday when asked whether he could remain at the Serie A club.
"I am on holiday, then I will work in Spain," the Portuguese said. "With Inter it is not over yet but there are no problems."
Inter reportedly want around 16 million euros in compensation from Real for letting Mourinho leave before his contract ends in 2012.
Real Madrid have called a board meeting on Wednesday and club president Florentino Perez will hold a news conference afterwards.
Real coach Manuel Pellegrini led his team to second place in La Liga last season.
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