The 50-year-old insists there would be "no drama" if he failed to claim Europe's top prize for a third time in his career
Los Blancos are in the quarterfinals of Europe's elite club tournament following their two-legged victory over Manchester United in the round of 16 and could lift the coveted trophy for a 10th time in their history.
The 50-year-old has already won the competition twice in his career, but the coach insists that he is not concerned about whether or not he adds to his continental haul either this season or in the future.
"It's very hard to win two Champions Leagues. It will not be a drama if I don't win a third, or not doing it this year," he said at a press conference in his hometown of Setubal.
The 50-year-old has been frequently linked with the Paris Saint-Germain post and further fuelled speculation by mentioning France as a possible destination last week, but cooled speculation of a move to France.
"It would be difficult for me to move to a country other than Portugal, England, Italy or Spain. My natural environment is to play and to train," he added.