Predrag Mijatovic has suggested Real Madrid will no longer 'waste time' on trying to sign Cristiano Ronaldo and Cesc Fabregas.
Manchester United winger Ronaldo and Arsenal midfielder Fabregas have been long-term targets for the Spanish champions.
Reports of previous bids have circulated, but the Premier League title rivals have resisted any interest in their star players.
Real sporting director Mijatovic now appears to have conceded defeat in his attempts to persuade either United or Arsenal to sell.
"Cristiano Ronaldo is at a great club in Manchester United," Mijatovic told Radio Marca. "I see it as an impossible signing."
Mijatovic adopted the same stance on Fabregas, adding: "We are not the only team who would like to have a player like Cesc, but he belongs to a big club in Arsenal and it is an almost impossible signing.
"I am very clear that we are not going to waste time on things we can not do.
"We will see what happens in the future. It is indisputable that this is a very interesting player, but the signing would be terribly complicated."
The former Real forward also revealed the club would be more conservative in the transfer market after also denying links to Fernando Torres and David Albelda.
He said: "Next June will be much more tranquil. Yes, we are following many players and evaluating possible additions, but now is not the time.
"If we could improve, we will."
