Every single word he has uttered since they day he rocked up at Southampton, he has shown his loyalty to his employer. When the big cheese at Southampton died and the board refused to back Cortse (the guy with the plan and who bought Poch in) Poch stood by Cortse and said he would leave if he was fired. It was Cortse that convinced him to stay after his sacking, that's how we were able to get him.
I'm not suggesting for one moment that the pull of Madrid isn't there, they are the biggest club in the world and having ruled out the 2nd biggest club, Barca, again for reasons close to loyalty his options are narrowed if he has ambitions to manage at the top.
All that said and done, his spoken numerous times about what he's doing here, what he wants to achieve here and he his well and truly plugged into this "project". That has seen him come in as a head coach reporting to a DoF, to being appointed as Manager not reporting to a DoF. He has earned the trust of Levy who has awarded him his biggest ever contract in football and has been given as much control on football matters as is possible in the modern game, certainly more than he would be given at Madrid. All his talk has been about building a potential dynasty, envying what Fergie achieved and this year making reference to Wenger's achievements at Woolwich.
It's at times like this that we will see if it's talk or if in fact he's plans are to build something if given the backing and opportunity at Spurs. The thing is we don't know him, this is his third job as manager (not including ladies team at Espanyol). Mourinho, Anchellotti, Conte, Wenger etc., etc., are known we know their type and how they operate. But in the limited roles he has had previously he has been very loyal and honourable in his dealings.
May be he a) Drops everything and goes running into the arms of Madrid b) Honours his contract but goes at the end of it c) or stays because he feels he can actually build a team that wins PL's and CL's. The latter is certainly the more attractive, has a greater longevity to it, the most romantic option.
We'll just have to wait and see, but on evidence so far, running off to Madrid now seems the least likely IMO, all guesswork of course.