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Interim boss Santiago Solari is expected to be handing the reigns until the end of the season, when the club will re-assess the managerial landscape.
Conte was installed as the front runner to replace Julen Lopetegui after the former Spain coach was sacked last month following a poor start to the campaign in La Liga.
But the Italian, who has been unemployed since departing Stamford Bridge over the summer, has vowed to wait until June before taking on a new project.
Asked about the possibility of succeeding Lopetegui at the Santiago Bernabeu, Conte told Sky Italia: “Real Madrid? As I see it, it is better to wait until the end of the season than to take a train running now.
Conte had been placed as the front runner to replace Julen LopeteguiGetty Images
“I want to wait for June and start again with a new project. In three months I could change my mind and deny everything, but I’ve always thought of it this way.”
Solari has led Madrid to four straight wins since Lopetegui was sacked following the 5-1 thrashing at the hands of Barcelona in El Clasico.
The best start for a new manager at Real in the club’s 116-year history has put him in line for the job on a more permanent basis., but Conte is a manager with a far greater pedigree.
Real may look to conclude a verbal agreement with the 49-year-old given that he has also been linked with a possible move back to Juventus.
Lopetegui left Real last month after a disastrous spell with MadridGetty Images
Conte won three consecutive Serie A titles with the Italian giants before moving to Chelsea, where he lifted the FA Cup and Premier League trophy.
The Italian says he isn’t tempted by the prospect of succeeding Massimiliano Allegri in Turin, but is open to a return to management in his homeland.
“If I think about the fact that I could train [Cristiano] Ronaldo? No, I do not think about it,” he added.
“I’m happy with the players I’ve trained and the things I’ve won. The club continues to grow and is doing a great job at the business level, with huge purchases and a great deal for Allegri.
“Of course, I am Italian and I like to live and train in Italy, obviously, at the moment there is an incredible dominance of Juventus, but the pursuers are strengthening year after year.”
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