Morientes one of Europe's top strikers last season while on loan at Monaco has returned to the Bernabeu and found himself behind Ronaldo Raul and Michael Owen in the pecking order.
The Spanish international's agent Gines Carvajal told PA International: "I had a meeting with the Real Madrid president (Perez). He's asked us to wait as he wants to know what the new coach decides if he's still counting on Fernando Morientes or if the player will leave. We should have confirmation by next week."
Liverpool manager Rafael Benitez has been strongly linked with the player.
"We have not started negotiations yet but it's true that there are many clubs who have phoned us to seek information about Morientes Carvajal said.
"But the probable destination is either the Premiership or France because it's impossible for him to stay in Spain.""