Current Blancos coach Jose Mourinho looks unlikely to stay at Santiago Bernabeu beyond the current campaign and Benitez, who is currently interim manager at Chelsea, admits that the club is his "sweetheart".
"As a manager, you always have your sweetheart," Benitez was reported as saying in The Mirror.
"I have a link with the fans [at Madrid] and they have treated me well.
"I arrived at Madrid when I was 13 years old and I'm from Madrid. But I don't want to get involved in this speculation because my words aren't always interpreted."
Benitez took over as Chelsea boss in November following the dismissal of Roberto Di Matteo.