The former Chelsea coach had been heavily linked with succeeding Pepe Mel at the Hawthorns but says he wants to continue his career with the Champions League winners
Real Madrid assistant coach Paul Clement has ruled himself out of the running to become the new West Brom manager.
Clement's reputation has been greatly enhanced by his achievements working under Carlo Ancelotti in recent years, winning the Ligue 1 title with Paris Saint-Germain and the Copa del Rey and Champions League with Real Madrid.
The 42-year-old has spoken of his own managerial ambitions in recent months and was heavily linked with succeeding Pepe Mel at the Hawthorns, where his brother Neil played with distinction for 10 years.
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"Working for Real Madrid is a fantastic experience and I'm very happy here at the moment," he told talkSPORT.
"My family are settled and we'd like to stay and enjoy this experience.
"I do have ambitions to make that step up to management at some point in the near future, and if the right club comes along at the right time then I'd like to do it.
"But at the moment I'm just going to enjoy my time here."
Clement did not deny he aspires to make the transition to management one day but says he is already looking forward to next season with Ancelotti at Santiago Bernabeu.
When asked whether he would strike out on his own sooner or later, he replied: "Possibly, but we'll just have to wait and see.
"I'm working at a fantastic club every day, we've great players here and we're competing for big trophies.
"Next year we'll play in the game against the Europa League winners (the UEFA Super Cup); we'll be in the World Club Championship as well as competing for the La Liga title, Copa del Rey and Champions League.
"It's exciting times for Real Madrid."