The 25-year-old joined the North London club for a fee worth around £17m in the summer, putting in impressive displays until an injury picked up against Stoke City in December disrupted his season.
"I leave these matters with my agent," the Brazilian is quoted as saying by Sky Sports News regarding a move away from the club. "Without doubt it is good recognition for any player to be coveted by a club with the history of Real Madrid.
"My head, however, is completely focused on returning to play and win at Tottenham."
Paulinho has made 22 appearances for Tim Sherwood's side so far this season.