According to Alberto Pereiro on Radioestadio Noche, Mourinho has held a direct conversation with the academy product, explaining that he does not form part of the manager's plans for the upcoming campaign. The young defender has been told he is unlikely to play a major role.
The situation comes as Madrid continue reshaping their squad following an ambitious off-season recruitment drive. Having already completed several marquee arrivals, the club has shifted its attention towards trimming an increasingly crowded squad before pursuing any additional signings.
Strengthening the back line has been a major priority, with Denzel Dumfries, Ibrahima Konate and Marc Cucurella all arriving during the transfer window.
Those additions have considerably boosted the defensive department, leaving Mourinho with an abundance of options, particularly in central defence, while also creating difficult selection decisions.
Asencio's future has consequently become uncertain, with the Spanish defender emerging as one of the players who could depart as Madrid accelerate discussions over outgoing transfers.
Despite the setback, the defender has no intention of giving up on his place at the Santiago Bernabeu. Instead, Asencio is determined to impress throughout pre-season, believing strong displays in training can persuade Mourinho to reconsider and earn him first-team opportunities during the new campaign.
Interest in the defender has already emerged from England. Chelsea investigated the possibility of bringing Asencio to the Premier League this off-season, but the Spaniard turned down the opportunity.