Los Blancos are currently on the lookout for a new boss following the departure of Zidane on Thursday, and Low was said to be on the Spanish club's shortlist.
The 58-year-old, however, has insisted that he will not be making the move to the Spanish capital.
"I absolutely rule it out," Marca quotes Low as saying. "I'm sure they will find a strong successor to Zidane but that is not for me to worry about, I am here with Germany in the World Cup now."
World champions Germany will open their 2018 World Cup Group F campaign against Mexico on June 17.