The former Barca B boss is among the favourites to take the reins at Camp Nou when Luis Enrique leaves his post at the end of the season.
But Eusebio feels he did not receive the recognition he wanted during his four years as part of the Catalan's coaching staff and is eager to show loyalty to La Real after they offered him a chance to impress.
Asked about the reported Barca interest, he told AS: "I don't want to waste even a second on that. Really. It's clear for me.
"I can understand that a player might have some doubts - everyone likes them. And I'm not saying that I don't like being thought of as a future coach of a great club - it means that my work is being noticed.
"It's flattering for me, but it's not fulfilling for me. What fulfils me is to have a great season with Real.
"The fact that it's happening [the rumours] is thanks to the club, to Real, who noticed me and took a chance on me after four years on the Barca coaching staff. Barca, when I was within their organisation, never noticed me. And that's what I would have liked.
"Now, I owe my loyalty to Real, who believed in me and give me support."
When asked if it remains a dream to take the top job at Camp Nou, he continued: "Not right now. My goal as a coach is the same as when I was a player: to have a long career.
"I don't know where the future will take me, nor what motivations I will have. Everything I'm looking for I have right now with Real, and I want to keep that going for as long as possible.
"I can assure you [I would say no]. I'm telling you now, and I'll tell you again when they call me.
"People don't seem to believe me. I say it with 100 per cent conviction."
Athletic Bilbao's Ernesto Valverde and Juan Carlos Unzue, assistant coach to Luis Enrique, are among the favourites to take charge at Barca for next season.