Simeone played for Inter between 1997 and 1999, helping them to a UEFA Cup triumph in 1998.
The Argentine has guided Atletico to glory in the Europa League, Super Cup and Copa del Rey since taking over at the Spanish capital club in 2011.
Atletico sit second in La Liga following a fine start to the season and, although he is attracted to the prospect of coaching Inter, the 43-year-old has no immediate desire to leave Estadio Vicente Calderon.
"Inter? It would be an honour," Simeone told Il Giornale. "But for now, all that talk is left to the newspapers."
"I see myself at Atletico Madrid for some time yet. Some say I might become the (Alex) Ferguson of the Colchoneros."
Atletico are level on points with La Liga leaders Barcelona going into the second half of the season, and Simeone, who won the Spanish title as a player with Atletico in 1996, has his eye on repeating the feat as a coach.
"It would be stupid not to think about that (winning the league)," Simeone added. "Especially in light of the league position."
