The Brazil international has been linked to a reunion with Carlo Ancelotti at the Bernabeu, with the pair having worked together when the Italian was in charge at Stamford Bridge.
But the 26-year-old - who has made 11 Premier League appearances for Jose Mourinho's side this season - was quick to refute those rumours, and insisted any move away from the club would be at the discretion of Chelsea's hierarchy.
Speaking to Sambafoot, he said: "I see the interest of Real Madrid as recognition of my good work in Europe.
"But I'm under contract with Chelsea and it would be unethical of me to comment. For the moment, they are only rumours.
"I am very happy here. I am respected and part of the club's history.
"If I leave, Chelsea would have to make the decision. Chelsea are one of the biggest clubs in the world and I have realised my dream here."
Ramires has had a trophy-laden spell with the London outfit and counts winners medals in the UEFA Champions League, Europa League and the FA Cup on his list of achievements.
He has now set his sights on claiming a first Premier League medal, as well as earning success on the international scene as Brazil host the FIFA World Cup next year.
"The Premier League is one of the toughest competitions in the world," he added. "I can only say that we have the means to win. Our team is strong and we can win it all this season.
"Winning the Champions League was one of the greatest moments in my career. I think the only title that can compete with that is the World Cup in Brazil."
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