A 2-0 win against Borussia Dortmund in the Champions League semifinal return fixture was not enough for los Blancos to overturn their first-leg deficit and book a place in the final, and following the failure the 50-year-old coach revealed his uncertainty regarding his current job.
When asked if he would be with Real Madrid next season, Mourinho told ITV: "Maybe not. I want to be where people love me to be."
The former Inter boss also lamented his side's first leg performance, in which the club was defeated 4-1, and shared his opinion that he felt the Spaniards could still have progressed despite that result.
"In football, you win or you lose. I think we could [have won the tie]," he said. "They had a couple of big chances but as a consequence of the way we were playing in the last part of the match, where we risked absolutely everything.
"But I think today we were a team with character, desire and we could do it. I don’t forget the first match and in the first match we were very, very bad. And in this moment we are punished. Not because of this result but the result of the first leg."
Mourinho will now turn his attention to this weekend's meeting with Real Valladolid as his side looks to keep the pressure up on league leader Barcelona.