Reports had claimed that 'Los Blancos' were plotting a summer swoop for the Colombian as part of a plan to refresh their squad, but it appears that Sanchez's main focus is on his current employers for now.
The 21-year-old has impressed since joining the north London side from Ajax in the summer and speaking to 'Fox Sports Radio Colombia', the strapping defender expressed his intention to remain in the English capital.
"I do not think about money or where it is," he explained when asked about the rumours.
"Right now, here in Tottenham I am very good. I am playing every three to four days. I am being important in the team.
"As big as Madrid is, no matter how big a team are, that has won what they have won, if the conditions are not favourable for me, unfortunately I cannot accept."
These quotes will come as music to the ears of Mauricio Pochettino, who recently expressed his belief that Sanchez can become one of the best defenders on the planet, saying: "The conditions he has are amazing to be one of the best centre-halves in the world.
"At 21-years-old he showed he is so brave. He takes risks but he is not reckless.
"I think he's one of the best today but has potential to improve a lot more."