The 34-year-old surprisingly decided against signing a new contract at Bernabeu over the summer, instead making the move to Saudi Pro League outfit Al Qadsiah FC.
Nacho has made 12 appearances for his Saudi Arabian outfit this season, and he is due to represent the club until at least June 2026, having penned a two-year contract following his exit from Real Madrid.
There have recently been suggestions that Los Blancos were considering making an attempt to bring the Spaniard back in January following Eder Militao's severe knee injury, which will rule him out for the rest of the campaign.
However, Nacho has insisted that he has not been contacted by Real Madrid, while the Spaniard insisted that a return to the Spanish capital was not a possibility, with that chapter of his life "closed".
Nacho rules out Real Madrid return amid recent speculation
"No one from Madrid has called me," he told Cope. "But even if they did, I have no intention of returning. My decision was clear, it's not about playing or anything else. My chapter there is closed. I'm very happy in Saudi Arabia, and my focus is here.
"When I decided to leave Real Madrid I knew I would be able to play a lot of games, which was normal in recent years. But playing 40-50 games was not going to affect my decision.
"The decision was very clear, when you feel that your time has come and it ends like it has, I am super proud. I don't regret it, I knew what I was doing and I am very happy with the decision I made and with my life now.
"I earn a lot more money here than I did at Real Madrid. But I didn't come just for the money, I wanted a change of life, it was Saudi Arabia but it could have been another place where I would earn the same as at Madrid."
Is Alaba close to returning for Real Madrid?
David Alaba has not played for Real Madrid for almost a year due to a serious knee injury, and the Austria international has still not returned to full training with the Spanish and European champions.
According to Italian journalist Fabrizio Romano, Real Madrid "have full trust" in Alaba, with suggestions that the centre-back could be forced to retire due to his knee injury wide of the mark.
There have been claims that Alaba could be available for selection before the end of December, but it is more likely that he will be back on the field in the early stages of 2025.
As a result, Aurelien Tchouameni, once he has recovered from an ankle injury, is set to be used in the middle of the defence alongside Antonio Rudiger until Alaba is back on the field.
Tchouameni will not be back until the start of December, though, meaning that Raul Asencio could feature alongside Rudiger against Leganes and Liverpool in the team's two games after the international break.