The 56-year-old has been rumoured to be on Spurs chairman Daniel Levy’s shortlist given that he will leave his job as Azzurri boss following the World Cup this summer.
|3/1||Tottenham are 3/1 with William Hill to finish in the Premier League's top four|
However, the former Fiorentina manager has moved to distance himself from the north Londoners, who are currently managed by Tim Sherwood - a mid-season replacement for the sacked Andre Villas-Boas.
Prandelli told Italian TV station Rai: "Me to Tottenham next season? This is fantasy football.
"It's too soon to talk about my future, after the friendly with Spain in March we will have a meeting with (FIGC president, Giancarlo) Abete and the federal leaders.”
Prandelli has been in charge of Italy since May 2010, replacing World Cup-winning boss Marcello Lippi following a disappointing campaign in South Africa.
He led Italy past England at Euro 2012, before guiding his side to the final where they were comprehensively defeated by Spain 4-0.
Tottenham currently sit 5th in the Premier League and had experienced a mini-renaissance under Sherwood until Sunday’s 1-0 defeat at Norwich.
Sherwood was appointed on an 18-month contract, taking him to the end of the 2014-15 season.