Luis Figo insists he's not about to replace Jorge Valdano as general manager of Real Madrid.
Figo is currently an ambassador for another of his former clubs, Inter Milan.
He said: "They are just rumours and such statements are baseless because, until now, nobody has offered me a return to the club.
"[Madrid special advisor Zinedine] Zidane has not invited me back, so I cannot accept anything.
"It's news coming out that has no foundation. At this moment I am happy at Inter Milan."
Figo would be open to a the possibility of linking up with his Madrid coach Jose Mourinho - his former coach at Inter - in the future, though.
"In the future you never know what can happen," he added.
"On a personal level I had a fantastic year with Jose, which I enjoyed and we won major titles. It is therefore logical that, if in the future it were to happen, I would be very happy."
