The 19-year-old, who was instrumental in Santos' Copa Libertadores triumph, is now eager to take part in December's Club World Cup.
The Brazilian club have announced that they have already rejected two offers from the Spanish giants as a result.
"The main issue is that Real Madrid wanted Neymar now and the player did not want to go, so there was no deal," Ribeiro told Globoesporte.
"Santos rejected the offer because it was the kid who did not want to take the money and pay the release clause. He wants to play the Club World Cup for Santos. In January, we will pick up talks."
The Brazilian scored decisive goals in both the semi-final and final of the continental competition to help Santos to their third Copa Libertadores title, the first since the 1960s.