Joachim Low has told ZDF TV he would be interested in joining Real Madrid when his time as Germany coach comes to an end but is unlikely to work in the Bundesliga.
Low, who has worked for the German FA since 2004 and is under contract until 2022, led Germany to the 2014 World Cup.
But following what he called "an overall bad year" in which the defending champions went out in the World Cup group stages and were relegated from UEFA Nations League Group A, Low said he had started looking to the future.
"I'll hopefully see out my contract, but my race as a national team coach is almost run and you must start making plans at some point," he said.
"I'd be interested in coaching at club level. I don't plan on retiring. It would be abroad. I don't think it'll be in Germany."
When asked specifically about Real Madrid, Low said the European champions were "a club which is interesting for every coach, right?"
Meanwhile, the 58-year-old dismissed reports that he could drop Germany keeper Manuel Neuer until the 2020 European Championships.
"If nothing extraordinary happens, Neuer will be No. 1 until the European Championships," he said, adding that he had also been impressed by Marc-Andre ter Stegen's performances for Barcelona.
"I don't want to marginalise Marc-Andre's performance," he said. "He's also world class now. Marc has improved incredibly, but we are planning with Manu as our No. 1 until 2020."