The central defender, who turned 34 in May, joined Real from Chelsea in August 2010 but has fallen behind Sergio Ramos, Pepe, Raul Albiol and Raphael Varane in the pecking order.
Mourinho said a number of clubs had expressed interest in signing Carvalho and it was up to the player to decide if he wanted to leave or stay until his contract expires at the end of June 2013.
"Ricardo is not part of our plans for the season," Mourinho, who also coached his Portuguese compatriot at Chelsea and Porto, told a news conference previewing Wednesday's Spanish Super Cup second leg against Barcelona.
"He has until the end of the transfer window (on Friday) to decide whether he wants to continue to play football or stay at Real Madrid, meeting his contractual obligations like the honourable person he is and basically end his sporting career.
"It's his decision and his alone."
- Sergio Ramos