The Portuguese, without a club since leaving Manchester United in December, has been linked again to Los Blancos after their calamitous 3-0 defeat to Paris Saint-Germain in the Champions League on Wednesday night.
The former Real coach spoke fondly of this time in Spain at an event in Madrid last week, describing his time at the Santiago Bernabeu and winning La Liga as the best moment of his career to date.
And with the pressure increasing on Zidane after the loss at the Parc des Princes, the Portuguese spoke to Spanish television station Cuatro close to his home in London.
Asked if he is a candidate to coach Madrid again, he said: "There are two types of rumours. One, where people talk about Zidane, who is one of ours and it happens to us all when our teams are not doing well. You have to live with that.
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"Zidane has been in football all his life and he knows how it is. The other type of rumour is putting in my name and I don't like that. There are problems in a lot of places, but respect is another thing."
On a possible second spell at Real, he said: "I wouldn't like to return, because they have a coach and I can't lead a team that has one. You can talk about respect for the club, but also the coach is not just anybody.
"I'm outside. I don't 'sell smoke' (a Spanish expression for giving untrue information). I would like things to go well and for everything to be sorted out."
Mourinho went on to say that the pressure at top clubs makes it tough for coaches in the modern game.
"Madrid, Barcelona, Atletico, Chelsea... when there are great expectations it's difficult and hard," he said. "That's why it is said that there are good players or coaches at teams like those who don't give all their potential. Because you need more than talent, you also require a special personality."
The 56-year-old revealed he is learning German with a view to perhaps coaching in the Bundesliga one day, but claims he is in no hurry to return to work.
"It will be when it will be," he said. "On Sundays, I do my work on Sky about Chelsea. I do it once a month. I don't want to be there every day. I have fun, because I can add a different perspective from having been on the bench there.
"Now I'm in German classes in case I train there one day or so I can speak the language in a Champions League game. It would be my sixth language."