The 63-year-old Ancelotti is under contract with the Spanish club through the end of next season.

“I have a contract and I want to honor it,” the Madrid coach said Saturday, a day before Madrid plays Valladolid in the Spanish league.

“I’m not doing it because there’s a written agreement, but because I like this club. Everything that can happen after the end of the contract is a matter of the future and everything’s possible in the future.”

Brazil’s soccer confederation issued a statement in February denying that it had reached a deal with Ancelotti. But the rumors in the media have continued, and Brazil goalkeeper Ederson said last week that he believed there was a “big possibility” that Ancelotti could become their next manager.

Brazil is currently under interim coach Ramon Menezes as it searches for a permanent successor to Tite, who stepped down after the World Cup. Menezes was in charge last week when Morocco stunned Brazil 2-1 in a friendly.

Ancelotti did say, however, that it “pleased” him to be linked to the five-time world champions

“I’m pleased that the Brazilian national team wants me, but I have to respect a contract that I want to honor,” he said. “I don’t know the president of the Brazilian national team, but I’d love to meet him and say hello.”

Last season was a record-setting campaign for Ancelotti after leading Madrid to the Champions League and Spanish league titles. The Italian became the first coach to win four Champions League titles and the first coach to win Europe’s five top domestic leagues.

Madrid is far behind Barcelona in the Spanish league this season, but it has reached the Champions League quarterfinals to remain in contention for a possible 15th European Cup.

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