Manuel Pellegrini says he is focusing on Villarreal's final game of the season after being linked with the Real Madrid job.
Reports in Spain have claimed that Real presidential candidate Florentino Perez has settled on Pellegrini as his choice of coach.
Perez is tipped to present the Chilean next Tuesday, but Pellegrini would not be drawn on his plans for next season.
Instead, he is hoping to overhaul Atletico Madrid on the final day of the campaign to secure a place in the UEFA Champions League.
"Now, my objective is to win this weekend and to fight for a position in the Champions League for Villarreal," Pellegrini told reporters.
Villarreal defender Gonzalo Rodriguez, who has signed a new contract until 2014, is hoping Pellegrini will stay at the club.
Rodriguez said of the Real rumours: "I do not know anything about that, it is not an issue for me, but hopefully he will stay here with us as he is a great coach for Villarreal.
"In football there are always many changes and, if one day he has to go, he will be remembered a lot here."