Former Spain U-21 coach Lopetegui, 48, is reportedly in consideration to replace Carlo Ancelotti at the end of the season, with Real adrift of arch rivals Barcelona in La Liga.
Lopetegui has spent less than a year in charge of the Primeira Liga giants but his stock has increased dramatically since leaving Spain's youth team to take the reins at Porto, who stunned Bayern Munich 3-1 in the first leg of their UEFA Champions League quarter-final tie midweek.
"This news does not interest me. I am very happy to be the coach of Porto," said Lopetegui.
"[I am] very happy for the three-year project that I have here. Tomorrow [Saturday] we have a very important match."
Porto welcome Academica to Estadio do Dragao on Saturday, looking to close the gap on rivals Benfica, who top the standings by three points after 28 rounds.
