The Basque coach instead reaffirmed his commitment to the project he has built at Aston Villa.
Emery, 54, was speaking at the Golden Bench Awards gala when asked about his future and whether a return to La Liga — specifically to Real Madrid — was a possibility. His response left no room for interpretation.
"I only think about the places where they need me, and at Aston Villa they need me.
"The first thing to do is to be grateful where you are wanted and, above all, to do everything so that you are also wanted where you are."
When pressed more directly on Madrid, his answer was one word.
"Zero."
The comment comes after months of persistent speculation. Real Madrid's interim head coach Álvaro Arbeloa — who took charge in January after the dismissal of Xabi Alonso — will be replaced regardless of whether Florentino Pérez or Enrique Riquelme wins Sunday's presidential election. Emery had previously been identified by Spanish journalist Ramón Álvarez de Mon as high on the list of candidates being discussed internally.
Aston Villa won the Europa League this season, their second major European trophy, and finished fourth in the Premier League. Emery is contracted at Villa Park until 2029 and collected his fifth Europa League title as a manager — a record.
With Jose Mourinho confirmed as Florentino Pérez's head coaching appointment and Riquelme yet to name a manager, the outcome of Sunday's vote will clarify matters. Emery's position, however, is not in question.