Los Blancos are on the lookout for a new head coach after Zinedine Zidane sensationally stepped down last week after winning his third straight Champions League title.
The Frenchman delivered the news in a press conference after a meeting with club president Florentino Perez, and now the search is on to replace him as soon as possible.
The Mail say sources have claimed Pochettino didn't want to be questioned over his loyalty to the Spurs, and therefore rejected the dream move. The Argentinian recently signed a new deal worth £8.5m-a-year, and moving clubs in the very same summer would be certain to prompt anger.
The 46-year-old has always been one to value player loyalty, and it would make him a hypocrite if he were to jump ship so soon after signing his own contract.
At the moment, he is said to be holding talks with a number of first team stars about signing contract extensions, with Christian Eriksen, Dele Alli and Harry Kane all being lined up for fresh terms.
The Mirror actually claim Real aren't ready to throw in the towel with Pochettino despite his snub and are simply stepping back a bit publicly so as not to anger Daniel Levy. Arsene Wenger, Maurizio Sarri and former player Guti all said to be in the running as well.