The Dutchman joined Real from Hamburg in summer 2008 but struggled to make an impact in his first season in Spain.
The 26-year-old was pushed further down the pecking order after the multi-million pound arrivals of Kaka and Xabi Alonso in the summer sparking many to believe that Van der Vaart would follow fellow Dutchmen Wesley Sneijder, Arjen Robben and Klaas Jan Huntelaar out of the club.
However the former Ajax youngster stayed put and insists any move back to Hamburg is off the agenda for now despite making just two starts this season.
"I am going to stay, I will not have a transfer," he told Bild.
"It was not like it should have been in the past but now I am getting to games and believe I will be having a great time at Real Madrid.
"This is nothing against Hamburg, the Hamburg fans or the club. They are still very much part of my heart.
"This is a decision in favour of Madrid and not against Hamburg."