The 59-year-old left Newcastle United in the summer following the expiration of his contract and took over at Chinese Super League side Dalian Yifang, guiding them to a ninth place finish in the recently concluded season.
There are currently two vacancies in the English Premier League with Arsenal and Everton yet to name full time managers following the dismissals of Unai Emery and Marco Silva respectively.
West Ham United manager Manuel Pellegrini is also on borrowed time at the London stadium after a poor run of form that has seen them win just one of their last ten league games.
Benitez has been linked with both vacancies in the league, but the former Real Madrid manager is not ready for a return just yet.
"Obviously in the future I would like to come back to the Premier League, but at the moment I must be very clear, there is no chance I will come back now," he told Sky Sports' Monday Night Football.
"I am happy, really pleased, they trust me, we have a lot of staff working on a big project.
"We want to leave a legacy, it's a challenge for me, and I'm learning a lot, it's a great experience, and I'm quite happy at the moment."
Benitez led Liverpool to the Champions League title in 2005 while an interim spell as Chelsea boss in the 2012/2013 season ended in Europa League glory.
