Courtois revealed that he is happy at Stamford Bridge but said that he is also ready to stay at the Vicente Calderon for a further season.
"I am not happy with these [Madrid rumours] because they are not true," the 19-year-old told Spanish radio station Onda Cero.
"I am at Atletico and I am very happy here. I am also from Atletico. For me, I am almost ready to stay for another year.
"I am happy here and also at Chelsea, so that's why I am not sure about Real Madrid."
The Belgium international only moved to West London from Racing Genk last summer before being loaned out to Spain.