The Swansea manager believes it would be insulting to his current club and could prove a distraction for his players ahead of their Capital One Cup final.
Laudrup's success with the Swans — who are in the top half of the Premier League — has inevitably seen him linked with Jose Mourinho's job at the Bernabeu.
But Laudrup, a hugely-respected former Real Madrid player, said: "This is not the time to talk about what lies in the future for anyone.
"We are only days from one of the most important days in this club's history. To talk about anything else would be reckless."
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