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Mbappe, 21, has established himself as one of Europe's biggest rising stars and has been heavily linked with Los Blancos.
But the French World Cup-winning star, whose contract expires in 2022, would command a hefty transfer fee in the potential excess of £200m.
Perez, 73, has suggested that there will be "no great signings this summer," but he refused to rule out a move for Mbappe further down the line.
The Real Madrid president said: "There will be no great signings this summer.
"Mbappe? It can wait. I cannot ask the players to lower their salaries and then make a great signing."
Mbappe has made 33 appearances for PSG this season and scored 30 times and assisted 17 times.
But the France international hasn't played for his club since March after the coronavirus pandemic ended the French league season early and PSG were awarded the title.
Real Madrid boss Zinedine Zidane spoke highly of Mbappe ahead of Los Blancos' Champions League clash with PSG last year.
"You know that I have known him for a long time," he said at a press conference.
"I am already in love with him, firstly as a person, because he came to do a trial here a long time ago."
Former Monaco vice president Vadim Vasilyev has also insisted it is "inevitable" that Mbappe will make the switch to Madrid in his career.
"When [will Mbappe move to Madrid]? I don't know but it seems inevitable," he said.
"The offer from Real Madrid [before Mbappe moved to PSG] was very interesting for Monaco, and he told me: 'Vadim, it's too soon for me.
"'I haven't played more than a year in my own country. I'm from Paris and I don't want to leave my country right now. I want to become a great player here. Real Madrid will wait for me.'"
Featured Image Credit: PA
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