Pellegrini has been linked with a move to Real to replace Juande Ramos as coach in the summer.
“I am not going to pay attention to rumours and news that you never know where it has come from,” Pellegrini told Minuto a Minuto.
“If some day I receive an offer from a team like that I would analyse it, but it would always have to be with the authorisation of the president of the team for which I am currently working.
“I am under contract at Villarreal for one more year and I think that it’s very difficult that my contract will be broken before that time.
“At this time, what I am more interested in is in the great performances that we are having and our objective is to keep on enjoying it and winning.”
He added: “I have an article in the contract that I signed with Villarreal that says that I can only leave if I pay an indemnity, but that article doesn’t have any value for me because, if I have a contract that links me to a team, I am going to work until the last day of that contract.
“This is something in which respect is involved and to do what you have promised with your word, so I would never use that article of the contract to leave for another team.
“I have received several offers and I haven’t even bothered listening to them as I respect my contract all the time.”