Tottenham manager Mauricio Pochettino’s new contract does not contain a clause allowing him to leave for Real Madrid.
The 46-year-old Argentine, who signed a five-year extension with the Premier League side last week, is the early favourite to replace Zinedine Zidane.
Zidane stepped down on Thursday after leading Real to a third consecutive Champions League title.
Pochettino is not believed to have agreed anything in writing or verbally with Spurs about joining Real.
In comments to Madrid-based newspaper Marca about being linked with Real, he added: “I take it naturally, it does not affect me at all.
“I renewed recently for five years. I am very happy with my current team, I enjoy the day to day, I am happy, but you never know what can happen.”