The Chelsea interim boss spent time with Real as both a player and a manager in the past and insists that the Spanish champions are his 'sweetheart', indicating that he would be interested if Jose Mourinho's role was to pop up.
"I have a contract (with Chelsea) until the end of the season and I am going to do everything possible for this club to have the best success," Benitez told Radio Nacional de Espana.
"Real Madrid have a determined manager with a contract and this deserves respect. As a manager, you always have your sweetheart. I have a link with the fans and they have treated me well.
"I arrived at (Real) Madrid when I was 13-years-old and I'm from Madrid. But I don't want to get involved in this speculation because my words aren't always interpreted."