Perez has promised Zidane he will back him in the transfer window with funds to secure some marquee signings.
One player said to be on the Frenchman’s wishlist is Bayern’s Thiago.
But Spanish publication Don Balon claim Perez has ruled out a move for the 26-year-old.
The former Barcelona midfielder attracted interest from Real before he joined the German side in 2013.
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But at the time Perez was reluctant to try and lure Thiago away from their arch rivals.
Reports in Spain suggest Barca could attempt to bring him back to the Nou Camp this summer with Lionel Messi a big fan of his.
But Bayern have reportedly slapped a £78million price tag on him.
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And Perez is not willing to battle Barcelona for his signature, nor pay the hefty fee, leaving Zidane to look elsewhere for midfield reinforcements this summer.
Thiago is under contract with Bayern until 2019.
The Spaniard started in Bayern’s 2-1 defeat to Madrid in the Champions League last night as Cristiano Ronaldo scored twice to give Zidane’s side a vital advantage heading into next week’s tie.