Real Madrid is third in La Liga after 15 games, having lost three of its last five league fixtures.
Rafael Benitez has not been given an ultimatum by the Real Madrid board, according to his agent Garcia Quilon.
Pressure has been mounting on Benitez, with reports suggesting the Madrid coach has lost the support of his players just six months into his time in the Spanish capital.
That pressure was compounded after Madrid's 1-0 loss to Villarreal on Sunday, which cost them the chance to close up on La Liga leader Barcelona after Luis Enrique's side drew 2-2 at home to Deportivo La Coruna.