The departing Bayern Munich boss has dismissed claims from Anatoliy Tymoshchuk that a deal is "99 percent" agreed but hinted he may reveal his future plans on Saturday
Tymoshchuk said on Thursday that the 68-year-old was "99 percent" certain to replace Jose Mourinho at Santiago Bernabeu once he leaves his post at the Allianz Arena at the end of the season.
However, Heynckes has now moved to deny that any agreement is in place but hinted that he could make an announcement about his future as early as June 1.
"I do not know where Anatoliy got this from," he told a press conference ahead of Bayern's DFB Pokal final against Stuttgart on Saturday. "Of course we joke around and everything about those rumours, but I do not know why he thinks that it is a done deal.
"If I am going to be in a good mood I will talk about it tomorrow [Saturday]. If not I will make an announcement in the first week of June."
Heynckes' future has long been the subject of speculation ever since Pep Guardiola was announced as the man to replace him at the newly-crowned European champions in the winter.
Both Heynckes and Paris Saint-Germain boss Carlo Ancelotti have been tipped to take over from Mourinho at Real Madrid at the end of the current campaign, as the Portuguese coach nears a return to the Premier League with Chelsea after departing the Spanish club by mutual agreement.